[ET Net News Agency, 3 January 2020] Citi Research raised its target price for China
Resources Land (CRL)(01109) to HK$45 from HK$42 and maintained its "buy" rating.
The research house said CRL presents strong counter-cyclicality, backed by RMB1
trillion-plus existing resources, 24msm urban renewal pipeline (contributing from 2021;
9msm in Shenzhen) & top-notch rental income growth (estimated 30% CAGR to 2021) with
resilient earnings growth (estimated 15% CAGR).
Given CRL's strengthened balance sheet, Citi expects its sales momentum to accelerate in
2020 to Rmb300bn, sustaining 20% growth for top-10 sales. (KL)