[ET Net News Agency, 24 February 2021] CCB International Securities (CMBIS) initiated
coverage on Leading Holdings Group (06999) with an "outperform" rating and a target price
of HK$8.
The research house said Leading is a Sichuan-based property developer with a nationwide
presence. In 2020, the company ranked 72nd in terms of comprehensive capabilities.
As of September 2020, Leading had 107 projects including 18 JV and associate projects
amounting to a total GFA of 16.6m sqm, of which 65% was located in Sichuan and Chongqing.
Leading accumulated a huge landbank in 2017-2019, sufficient for 3-years of contracted
sales based on CMBIS's estimates.
CMBIS expects Leading to slow down land banking in 2020-22 and instead reinvest 35% of
its cash from contracted sales into landbank, which will bring net gearing to the
72.8-90.4% range in 2020-22. It expects Leading to achieve attributable core profit CAGR
of 70% in 2020-22 to end 2022 with RMB2bn. (KL)
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06999 LEADING HLDGS
Nominal 
0.139 0.000 (0.000%) Research Report
24/02/2021 17:27
CMBIS starts Leading Holdings (06999) at "outperform" & HK$8
| Remark: | Real time quote last updated: 26/04/2024 11:46 |
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