[ET Net News Agency, 9 February 2021] Daiwa Research cut its target price for CIFI
Holdings Group (00884) to HK$8.1 from HK$8.4 and maintained its "buy" rating.
The research house continues to favour CIFI given its above-peer contract sales growth,
high asset turnover strategy while maintaining a stable financial position and diversified
land banking channels.
CIFI achieved contract sales of CNY231bn in 2020, up 15% and surpassing its CNY230bn
target. It is planning saleable resources of CNY440bn for 2021 (excluding the contribution
from Zhangtai, with which CIFI announced potential cooperation in January 2021), Daiwa
forecasted CIFI to record 15% growth in its contract sales to reach CNY265bn in 2021,
which will be above the sector's average. (KL)