[ET Net News Agency, 26 August 2019] Goldman Sachs raised its target price for Poly
Property (00119) to HK$3.5 from HK$3.3 and maintained its "buy" rating.
The research house said Poly Property's 1H results were ahead of Goldman's estimate due
to the substantial contribution from high-margin HK Vibe Centro project. Goldman raised
its 2019 underlying profit forecasts to HK$4.9bn from HK$3.2bn to factor in the HK project
booking and revised 2020-21 earnings by 9%/14% to HK$3.4bn each to reflect 1pp margin
upgrade and 5 new project acquisitions.
It noted that the company has sped up new acquisitions year-to-date and intends to
further capture land banking opportunities in 2H to resume future growth. (KL)