[ET Net News Agency, 23 December 2020] Citi Research lowered its target price for
Yuzhou Group Holdings (01628) to HK$4 from HK$4.8 and maintained its "buy" rating.
The research house said Yuzhou Group is shifting focus from scale expansion to profit
growth after Rmb100bn sales were achieved through (1) increasing stake of land
acquisitions in 9-month 2020 to 65% (2019: 60%); (2) faster land acquisitions in 4Q when
the land market is cooling down; (3) higher GPM of an estimated 25-30% on Rmb100bn
unbooked sales; (4) maintaining stable total debt scale with 70% net gearing by 2020 and
edging down funding cost; and (5) setting up new headquarters in Shenzhen to support GBA
expansion for urban renewal (30%+ GPM)/M&A opportunities.
Citi added that the announced property management spin-off should further boost dividend
yield (11% yield before property management). (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01628 YUZHOU GROUP
Nominal 
0.057 +0.005 (+9.615%) Research Report
23/12/2020 15:05
{I-bank focus}Citi lowers Yuzhou Group (01628) to HK$4
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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