HSBC Global Research maintained its target price for KWG Group (01813) unchanged at HK$13.1 but upgraded its rating to "buy" from "hold".
The research house believes the worst is behind us and there is now a good opportunity to build positions on the expectation of strong October sales. HSBC thinks investors have had time to digest the "three red lines" policy, while most stocks in HSBC's coverage have sufficient capacity to weather the policy uncertainty.
HSBC said the company's current land bank is sufficient for 5.1 years of development. In addition, the estimated unbooked sales to be booked in 2H amounted to RMB13,000mn.
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