[ET Net News Agency, 25 March 2020] Jefferies Research tweaked its target price for
Longfor Group Holdings (00960) to HK$41.36 from HK$41.33 and maintained its "buy" rating.
The research house believes 2020 will be another solid and balanced growth year for
Longfor. Management sees a manageable impact from COVID-19 and has given positive guidance
for each of its business segments.
Jefferies believes Longfor's strong balance sheet will continue to support its high
payout to offer 5-6% yields. Longfor cautiously targets RMB260bn contracted sales this
year, implying only 7% growth. Jefferies views this target is over-conservative,
considering the company's RMB410bn saleable resources and strong execution. It believes
Longfor can grow its sales by 12% to RMB270bn sales this year. (KL)