[ET Net News Agency, 19 December 2019] Nomura lifted its target price for China
Resources Land (CRL)(01109) to HK$45.7 from HK$44.5 and maintained its "buy" rating.
CRL on 17 December announced Wang Xiangming has been appointed as the new chairman. The
research house said China Overseas Land & Investment's (00688) share price underperformed
CRL's by 84% since its chairman change in November 2016. Nomura thinks CRL's sudden change
in chairman has led to the market being concerned that history could repeat itself.
Nomura sees a low likelihood of a grey sky scenario (like COLI's), as it expects
operations to remain stable. It thinks the chairman change indicates the increasing
importance of CRL to its parent company CR Group. Nomura revised its FY2019-21 EPS
forecasts by -9% to +3%. (KL)