Goldman Sachs raised its target price for China Overseas Grand Oceans (COGO)(00081) to HK$4.3 from HK$3.8 and maintained its "neutral" rating.
The research house said COGO's 1H results account for 55% of Goldman's prior FY2019 estimate, mainly driven by high margin booking. Post results, Goldman revised its 2019-21 underlying EPS forecasts by 11%-12% to reflect the margins beat and new land acquisitions in the past 4 months.
Goldman said it could turn more positive on COGO's long term growth outlook if it saw much faster portfolio ramp-up, any attractive M&A or cooperation opportunities arising with other members of the CSCEC group.
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