[ET Net News Agency, 12 March 2021] Goldman Sachs lowered its target price for Times
Neighborhood (09928) to HK$12 from HK$14 and maintained its "buy" rating.
The research house said Times Neighborhood reported in-line FY2020 results. Accordingly,
Goldman lowered its 2021-23 EPS forecasts by 5% on average. It lowered topline in 2021-23
by an average of 8% to reflect lower GFA additions from M&A given substantially
intensified industry competition.
Goldman also noted and Times Neighborhood's weaker than peers balance sheet (i.e. Rmb1bn
cash balance by end-2020 versus peers' average of Rmb5.3bn). (KL)