[ET Net News Agency, 9 March 2021] J.P. Morgan trimmed its target price for Midea Real
Estate (03990) to HK$26 from HK$30 and maintained its "overweight" rating.
The research house said Midea Real Estate, listed in October 2018, is a Guangdong-based
Chinese developer owned by the He family, which controls Midea Group (Shenzhen code:
000333).
JPM thinks the positioning of Midea Real Estate is uniquely attractive, as it exhibits
both strong growth and defensiveness due to parental support (low key person risk and
lower financing cost). JPM believes this balance is the best re-rating formula for a
small-cap developer. (KL)