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01918 SUNAC
RTNominal up1.000 +0.030 (+3.093%)
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03/01/2020 17:15

{I-bank focus}Citi raises Sunac China (01918) to HK$62

[ET Net News Agency, 3 January 2020] Citi Research raised its target price for Sunac
China (01918) to HK$62 from HK$60.1 and maintained its "buy" rating.
The research house said Sunac looks poised to be a key beneficiary of a falling rate
cycle in 2020, with catalysts of NAV-accretive M&As and potential positive surprise on
2019 earnings (estimated 33%; backed by sizable Rmb650.8bn gross unbooked sales at stable
25% GPM) and lower gearing (estimated 140-150% by end-2019) that could further extend its
rally from its current valuation (5.3x 2020 PER; 40% NAV discount; 3.8% yield).
Factoring in new assumptions, Citi revised down its 2019-21 EPS forecast by 2-19%. (KL)

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