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00960 LONGFOR GROUP
RTNominal up11.060 +0.260 (+2.407%)
Research Report

06/11/2019 18:01

{I-bank focus}JP Morgan ups Longfor Group (00960) to HK$39.5

[ET Net News Agency, 6 November 2019] J.P. Morgan raised its target price for Longfor
Group (00960) to HK$39.5 from HK$37.5 and maintained its "overweight" rating.
The research house said Longfor stands out as the first property company that has a
sustainable strategy into the next cycle, while others are still struggling with
opportunistic land banking.
In light of the volatile policy environment, Longfor maintained sufficient buffers in
financing to ensure they can continuously undertake countercyclical expansion, which
worked very well in the last cycle, JPM noted.
JPM expects Longfor will remain the most expensive developer in the space, and value to
emerge from (1) outperformance in earnings CAGR, (2) increase in rental income, and (3)
re-rating due to high visibility and management credibility. (KL)

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