[ET Net News Agency, 30 August 2019] Goldman Sachs lowered its target price for Joy
City Property (00207) to HK$1.14 from HK$1.2 and maintained its "neutral" rating.
The research house said Joy City's 1H core profit accounts for 62% of Goldman's FY2019
estimate. It revised 2019-21 underlying EPS forecasts by +6%/-1%/+3% to reflect slower
than expected presales and thus booking and higher interest expense/minorities, while
higher GPM for property sales and 2 new project acquisitions in 1H.
Goldman said the stock is trading at 55% discount to end-2019 NAV, 12x/0.6x underlying
2019 P/E and P/B against 5% 2019-21 ROE versus offshore coverage average of 51% discount,
6x P/E, 1.1x P/B against an average 17% ROE.
Without a substantial improvement in sales turnover, rental growth or cost control, Joy
City has among the lowest potential returns of Goldman's covered companies, said the
research house. (KL)
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00207 JOY CITY PPT
Nominal 
0.208 0.000 (0.000%) Research Report
30/08/2019 15:54
{I-bank focus}Goldman lowers Joy City Property to HK$1.14
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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