[ET Net News Agency, 7 May 2021] Morgan Stanley cut its target price for China Aoyuan
(03883) to HK$ 10.56 from HK$10.81 and maintained its "overweight" rating.
The research house lowered its core earnings for Aoyuan by 21% and 20% in 2021/22 due to
lower revenue by 11% and 12% in 2021/22 on slowing revenue booking in 2020.
Morgan noted that the company targets 13% sales growth in 2021. Management guided a
booking revenue CAGR of 25% for property development in 2021-23. Its landbank to be
supported by urban redevelopment. (KL)