[ET Net News Agency, 23 August 2019] Goldman Sachs tweaked its target price for Country
Garden (CG)(02007) to HK$15 from HK$14.9 and maintained its "buy" rating.
The research house said CG's core profit of Rmb15.98bn accounts for 35% of Goldman's
FY2019 estimate. Post the results announcement, Goldman fine-tuned its 2019-21 underlying
EPS forecasts by -2%/0%/+5% mainly to reflect the latest project acquisitions.
Goldman believes CG's valuation discount to other leading scale developers is
unjustified. It expects CG to continue recording steady growth in the long run on the back
of its proven execution across a wide geographic presence that caters to China's housing
upgrade demand. (KL)