[ET Net News Agency, 9 February 2021] Daiwa Research cut its target price for Shimao
Property (00813) to HK$34 from HK$38 and maintained its "buy" rating.
The research house anticipated slower contract sales and profit growth for Shimao over
2021-22 versus that in previous years, but at the same time, Daiwa believes that it will
focus more on quality growth as well as improving its financial position during this
period.
For 2021, Daiwa anticipated saleable resources of CNY580bn for Shimao. Assuming a
sell-through similar to its achieved sell-through of 60% in 2020, Daiwa forecasted its
2021 contract sales to grow by 15% to CNY345bn. (KL)