[ET Net News Agency, 30 August 2019] Goldman Sachs lowered its target price for E-House
China Enterprise (02048) to HK$13.5 from HK$13.9 and maintained its "buy" rating.
The research house said E-House's 1H core profit of Rmb667mn accounts for 51% of
Goldman's FY2019 estimate. The results surprised on the robust growth of Fangyou revenue
and hence resulted in a lower-than-expected operating margin given Fangyou's lower
operating margin than the other business lines.
Looking into 2H, Goldman expects to see a moderate industry downturn that bodes well for
E-House's ability to grow business, as developers tend to seek a wider range of sales
channels to capture demand on supply competition.
Goldman increased its 2019-21 EPS forecasts by 7%/2%/6% to reflect higher contract sales
growth, a lower commission rate from E-marketing, stronger contract sales growth, a higher
commission rate and higher distribution cost from Fangyou. (KL)
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02048 E-HOUSE ENT
Nominal 
0.077 +0.013 (+20.313%) Research Report
30/08/2019 09:53
{I-bank focus}Goldman lowers E-House Ent (02048) to HK$13.5
| Remark: | Real time quote last updated: 25/04/2024 13:14 |
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