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Research Report

13/01/2021 15:52

{I-bank focus}UBS downgrades Evergrande (03333) to HK$6

[ET Net News Agency, 13 January 2021] UBS Global Research lowered its target price for
China Evergrande Group (03333) to HK$6 from HK$15.2 and downgraded its rating from
"neutral" to "sell" due to rich valuation.
The research house expects Evergrande to continue facing (1) contract sales growth
deceleration as it needs to prioritise deleveraging to growth, and (2) margin pressure as
it has been aggressively cutting prices and using sales channels (so higher selling costs)
since 2H 2019.
UBS thus cut 2021 contract sales growth to -2%, and 2020-22 earnings by 50-60%. (KL)

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