[ET Net News Agency, 20 January 2020] CICC Research lifted its target price for China
Overseas Grand Oceans Group (COGO)(00081) by 25% to HK$7.15 and maintained its
"outperform" rating.
The research house expects COGO's core net profit of HK$3.63bn (up 50%) in 2019 and a
payout ratio of 20%, implying a yield of 3.5% on current valuation. CICC expects booked
GPM (gross profit margin) of over 30% in 2019-2020, supported by stable sales GPM of 30%
in 2018-2019 due to favorable city mix and COGO's strong operational quality (such as cost
control).
Despite the active land purchases in 2019, COGO's net gearing ratio is expected to
maintain at 40-50% at end-2019. CICC projected COGO's core net profit of HK$4.9bn in 2020.
Sizeable unbooked sales (6.8mn sqm at end-1H 2019) should effectively cover an estimated
2H 2019 and 2020 revenue booking. (KL)
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00081 CH OVS G OCEANS
Nominal 
1.570 0.000 (0.000%) Others
20/01/2020 18:01
{I-bank focus}CICC ups China OVS Grand Oceans to HK$7.15
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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