Jefferies Research initiated coverage on CIFI Holdings (Group)(00884) with a "buy" rating and a price target of HK$6.5.
The research house said CIFI offers a deep valuation discount (4.1x 12-month forward P/E and 7-11% dividend yield) and defensive entry point. CIFI is a highly recognized quality mid-cap with strong execution and a quality landbank in T1/2 cities. The higher stake ratio of its new projects acquired via multiple channels should boost even stronger attributable sales (40%), with better margins.
Jefferies estimated its current landbank can provide total saleable resources of RMB550bn (>80% in T1/2 cities), which should sustain the company's 30%+ sales growth this year to solidify its top-15 position in China.
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