[ET Net News Agency, 8 December 2020] CICC Research lowered its target price for Shimao
Group (00813) by 31% to HK$31.09 and maintained its "outperform" rating.
The research house said Shimao's management softened growth guidance at a press
conference on Saturday. CICC thinks its share price will continue to face some pressure
short term. But it expects Shimao to generate above-peers average growth in the medium
term by capitalizing on its abundant land reserves and solid financials.
Management expects average sales growth of less than 10% for top 10 peers and expects
Shimao to exceed this level, implying over 10% sales growth given its favorable resources.
CICC thinks Shimao is capable of seizing more market share and keeping its top-10 position
in the medium term.
CICC cut its 2020-2021 earnings forecasts by 3% and 7% to Rmb12.4bn (+19%) and Rmb14.6bn
(+18%) on the lag in delivery and weaker sales growth. (KL)
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00813 SHIMAO GROUP
Nominal 
0.305 0.000 (0.000%) Research Report
08/12/2020 15:27
{I-bank focus}CICC lowers Shimao Group (00813) to HK$31.09
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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