Goldman Sachs reinstated coverage on China Jinmao Holdings (00817) with a "buy" rating and a target price of HK$6.7.
After factoring in the recent share placement, as well as the company's year-to-date land-banking, the research house's underlying EPS estimates are Rmb0.56/Rmb0.74/Rmb0.90 in 2020-22, implying a 27% CAGR versus peers' average of 12%.
In 1H Jinmao achieved Rmb103bn presales, up 31% against peer average's +2%. Goldman expects its strong presales growth momentum to continue in 2H, which should make its 2020 target of Rmb200bn easily in reach and Goldman views positively management's guidance of Rmb250bn/300bn for 2021/22.
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