Jefferies Research initiated coverage on China Overseas Land & Investment (COLI)(00688) with a "buy" rating and a price target of HK$33.98.
The research house said COLI is a top-10 developer with saleable resources of HK$1.8trn (80% in T1/2 cities) and should be able to sustain 20+% sales growth in the medium term. Jefferies expects its 10mn sqm IP (investment property) portfolio (includes those in the pipeline) to support 21% rental CAGR in the next three years (management targets HK$10bn by 2023).
Jefferies forecast mid-teen earnings CAGR, above-peer gross margin (32-35%) and a higher dividend payout in FY2019-21.
18/10/2019 11:54
{I-bank focus}Jefferies starts China Overseas at HK$33.98
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