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RTNominal down15.880 -0.700 (-4.222%)

01/09/2020 11:37

{I-bank focus}Citi lifts China Evergrande (03333) to HK$15.3

[ET Net News Agency, 1 September 2020] Citi Research raised its target price for China
Evergrande Group (03333) to HK$15.3 from HK$11 and maintained its "sell" rating.
With strong sales in 1H (+24%) and Rmb312bn collected (89% collection), the research
house believes that Evergrande has a plan for its strategy of "Growing sales, Controlled
Scale & Reduced Leverage" and new businesses (e.g., new energy vehicle).
Citi said the weak 1H results reflect challenges on its margins after price cuts and
deleveraging, but its property management (2019: Rmb920m profit) in 2H partially helps,
with Rmb23.5bn (28.06%) raised (estimated gearing -19%).
Citi believes that investors will need more clarity on earnings growth and its track
record on de-leveraging for Evergrande to prove that its goal could be realizable. (KL)

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