[ET Net News Agency, 26 November 2019] UBS Global Research lifted its target price for
Times China (01233) to HK$20.6 from HK$19.6 and maintained its "buy" rating.
The research house said its meetings with lawyers and Times' senior management suggest
Times' urban redevelopment is accelerating and should report a profit in its 2019 results.
Based on UBS's channel checks, it believes Times is also engaging with another eight
villages in Guangzhou, details of which it has not disclosed. UBS thinks the recent
framework agreement with Ping An Real Estate on urban redevelopment is positive.
It thinks the spinoff of its property management business suggests a roughly 10% special
dividend yield. Trading at 3.9x 2020 PE compared with the sector average of 5.9x, UBS
thinks the market has not priced in the earnings sustainability and acceleration of urban
redevelopment conversions. (KL)
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01233 TIMES CHINA
Nominal 
0.150 -0.088 (-36.975%) Research Report
26/11/2019 15:08
{I-bank focus}UBS lifts Times China (01233) to HK$20.6
| Remark: | Real time quote last updated: 16/04/2024 17:17 |
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