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02772 ZLKG
RTNominal up0.081 +0.005 (+6.579%)
Research Report

25/03/2021 16:36

{I-bank focus}Jefferies lifts Zhongliang (02772) to HK$6.9

[ET Net News Agency, 25 March 2021] Jefferies Research lifted its target price for
Zhongliang Holdings (02772) to HK$6.9 from HK$6.71 and maintained its "buy" rating.
The research house said Zhongliang reported weak FY2020 results. But Jefferies is
delighted to see its continuous balance sheet improvement and believes its higher cap on
new borrowings will expand its land banking capability to sustain teens % sales growth in
the medium term.
Also, Jefferies foresees an earnings rebound amid normal project delivery to offer an
attractive 12% dividend yield in FY2021. It revised up its FY2021-22 earnings forecasts by
3-4% to factor in a slightly better margin. (KL)

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