[ET Net News Agency, 14 August 2019] Citi Research tweaked its target price for Yuexiu
Property (00123) to HK$2.23 from HK$2.3 and maintained its "buy" rating.
The research house said Yuexiu is committed to enhancing profitability with ongoing
optimization on unique land-banking edge, improved focus on asset turn and execution.
Its rich pipeline with estimated Rmb350bn metro+ projects in Guangzhou (existing
landbank: Rmb450bn/21.5msm), urban redevelopment (1.5msm) and potential further SOE
cooperation (e.g., Guangzhou Bus, Guangzhou Port, etc.) can enrich Yuexiu's landbank and
back estimated 25%+ sales CAGR in 2018-21, with likely beat to 2019 target (estimated
Rmb75bn, +30%).
Citi added that ample Rmb77.5bn unbooked sales (30% GPM) support 17% earnings CAGR with
enhancing ROE (estimated 9-10%). Next catalyst is the injection of two more projects in
4Q. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00123 YUEXIU PROPERTY
Nominal 
3.860 +0.040 (+1.047%) Research Report
14/08/2019 14:47
{I-bank focus}Citi tweaks Yuexiu Property (0123) to HK$2.23
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