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Research Report

22/12/2020 16:54

{I-bank focus}Citi lowers China Evergrande (03333) to HK$14

[ET Net News Agency, 22 December 2020] Citi Research lowered its target price for China
Evergrande Group (03333) to HK$14 from HK$15.22 and maintained its "sell" rating.
With strong sales in 2020 (up 20%) and improved cash collection, Evergrande has a plan
for its strategy of "growing sales, controlled scale & reduced leverage" and new
businesses (e.g. new energy vehicle), the research house said.
Citi sees the challenges on its margins and earnings after price cuts, but the research
house said Evergrande's deleveraging is on track with its property management spinoff
(RMB37bn raised; net gearing -19%), new share issues at Evergrande and Evergrande NEV
level (Rmb8bn), disposal of Guanghue Auto (Rmb14.85bn).
Citi believes investors now will need more clarity on earnings growth and de-leveraging
to prove Evergrande's goal could be realizable after the company settled the repayment of
strategic investors of Rmb4.3bn. (KL)

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