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02019 DEXIN CHINA
RTNominal unchange0.085 0.000 (0.000%)
Research Report

17/02/2021 11:12

CMBIS starts Dexin China (02019) at "buy" and HK$3.56

[ET Net News Agency, 17 February 2021] CMB International Securities (CMBIS) initiated
coverage on Dexin China (02019) with a "buy" rating and a target price of HK$3.56.
As a key Hangzhou player (32% of its land bank), Dexin has seized the booming local
demand to expand into Yangtze Delta/national Tier 2 cities and achieved 25% attributable
sales CAGR in 2018-20 to RMB21.8bn, said the research house.
With an abundant and quality land bank, Dexin can continue to deliver 15-20%
attributable sales growth in 2020-22, CMBIS noted. This growing scale would help Dexin to
increase the attributable/consolidated sales ratio (35%/45% in 2020) to boost national
brand influences and balance sheet transparency.
It also expects Dexin's core earnings to grow at 6% CAGR in 2019-22. (KL)

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