[ET Net News Agency, 17 December 2019] Nomura maintained its positive view on Seazen
Group (01030) as it expects the turnaround story to continue. Also, the current valuation
remains at a discount versus peers (4.6x versus 5.3x 2020 P/E).
While management has not provided concrete 2020 sales guidance, the research house
estimated Seazen to record 15% sales CAGR in FY2020-21 (i.e. CNY350bn by FY2021) on the
back of CNY1,000bn worth land bank saleable resources.
Despite the asset disposal in 3Q, Nomura believes the year-to-date land acquisition of
23.5mn sqm GFA (including two mixed-use projects acquired in December 2019) enables the
company to maintain its land bank scale (2019 contracted sales GFA of 24mn sqm).
Nomura maintained its "buy" rating on Seazen, with a target price of HK$10.35. (KL)
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01030 SEAZEN
Nominal 
1.220 +0.100 (+8.929%) Research Report
17/12/2019 17:38
{I-bank focus}Seazen Group's turnaround story remains intact
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