[ET Net News Agency, 26 August 2019] Goldman Sachs lowered its target price for
Sino-Ocean Group (03377) to HK$4 from HK$4.6 and maintained its "buy" rating.
The research house said Sino-Ocean's 1H core profit (excluding one-off items and
fair-value gains on investment properties) of Rmb1.1bn accounts for 31% Goldman's
full-year forecasts, mainly due to 26% decline of ASP booked and 44% decline in
attributable rental income.
Goldman revised down its 2019-21 EPS forecast by 12%/4%/7% to reflect below-expectation
margin trends, lower rental income, and the latest land acquisitions. (KL)