Jefferies Research initiated coverage on China SCE Group Holdings (01966) with a "buy" rating and a price target of HK$6.75.
The research house said SCE owns more than RMB280bn saleable resources with about 75% in T1/2 cities, which should sustain 40+% sales growth to become an RMB100bn club player next year.
Jefferies sees accelerating earnings in FY2020 (39%) on strong sales growth and its unique asset-light model helping it to secure quality landbank in high-tier cities at below market price to secure 25-30% gross margin in the medium term.
18/10/2019 11:39
{I-bank focus}Jefferies starts China SCE Group at HK$6.75
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