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03301 RONSHINECHINA
RTNominal unchange0.170 0.000 (0.000%)
Research Report

18/10/2019 15:49

{I-bank focus}Jefferies starts Ronshine China at HK$14.75

[ET Net News Agency, 18 October 2019] Jefferies Research initiated coverage on Ronshine
China Holdings (03301) with a "buy" rating and a price target of HK$14.75.
The research house said Ronshine is a T1/2-focused developer with >RMB370bn saleable
resources (78% in T1/2 cities). Jefferies expects a 30% earnings CAGR in FY2019-21 on the
back of its strong sales and margin recovery.
Jefferies believes the redevelopment projects in Zhengzhou/Taiyuan will be its second
engine to sustain high/quality growth in the medium term. Also, Jefferies expects its
improving net gearing will further lower its financing costs. (KL)

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