[ET Net News Agency, 16 January 2020] Goldman Sachs lowered its target price for China
Overseas Land & Investment (COLI)(00688) to HK$32.8 from HK$35 and downgraded its rating
to "neutral" from "buy".
The research house said COLI has stepped up its scale expansion and contract sales
growth from its last trough in 2017, but Goldman thinks the pace is still not aggressive
enough to compete with most of the Top 30 developers.
With competition expected to grow even more fierce in the coming years given that the
industry pie is unlikely to grow, Goldman believes it is difficult for COLI's market cap
to outgrow high-quality small and medium-cap developers.
Goldman revised its 2019-21 EPS forecasts by +0%/+9%/+20% after factoring in the
company's latest land acquisitions and updating property sales ASP and introduce our 2022
EPS forecast with 3% growth. (KL)
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00688 CHINA OVERSEAS
Nominal 
12.900 +0.760 (+6.260%) Others
16/01/2020 16:38
{I-bank focus}Goldman cuts China Overseas (00688) to HK$32.8
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