Although the China property physical market may turn relatively weak due to further policy or credit tightening in 2Q and share prices may be under short-term pressure after the strong rally YTD, Deutsche Bank remains positive on the sector outlook on a 12-month horizon.
For the 20 stocks the research house covers, DB expects: (1) >20% contracted sales growth in 2017, supported by rich saleable resources, (2) 20% earnings CAGR with gross margin expanding to 28%, (3) healthier balance sheets with lower gearing (57% on average) and less completed inventories, and (4) 5-6% dividend yields with 35% payout ratios.
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