[ET Net News Agency, 21 August 2019] HSBC Global Research raised its target price for
China Resources Land (CRL)(01109) to HK$43.3 from HK$40.6 and maintained its "buy" rating.
The research house said CRL reported a normalized set of 1H results, with core profit
growth of 11%. This trend is in line with HSBC's expectations. Due to the lower
contribution from tier-1 cities, GPM declined 9.9ppt to 38.2%, in line with HSBC's
forecast.
It noted that flattish 1H property sales revenue was offset by strong growth recorded in
the share of results of associates and JCE, which led to double-digit core net profit
growth.
HSBC lowered its earnings forecasts as sales and earnings growth momentum appears to be
moderating. It believes there stands a higher probability of an earnings upside surprise
in 2020 (than 2019), driven by 43% growth in the bookable area (versus flat in 2019). (KL)
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01109 CHINA RES LAND
Nominal 
24.300 +1.150 (+4.968%) Others
21/08/2019 14:11
{I-bank focus}HSBC raises China Resources Land to HK$43.3
| Remark: | Real time quote last updated: 18/04/2024 10:12 |
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