TC

22/08/2019 17:48

{I-bank focus}GS lifts China Overseas Grand Oceans to HK$4.3

[ET Net News Agency, 22 August 2019] 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. (KL)

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