[ET Net News Agency, 22 April 2020] Morgan Stanley raised its target price for Shimao
Property Holdings (00813) to HK$41.63 from HK$29.81 and maintained its "overweight"
rating.
The research house believes Shimao will outperform peers due to (1) strong sales growth
targets compared to peers. Shimao has maintained a 15% official growth target with an
internal target of 30%, one of the highest among peers; (2) strong earnings visibility for
2020-22. Morgan estimated its core earnings will increase by 22% CAGR during 2020-2022,
with high earnings visibility in the next 3 years; (3) M&A and urban redevelopment
contribute to cheap land acquisition channels.
Morgan said Shimao's current valuation of 7.5x 2020 P/E is above the industry average
of 5.65x 12-month forward P/E, but Morgan views this as attractive based on its stronger
earnings visibility and growth profile compared to peers. (KL)
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00813 SHIMAO GROUP
Nominal 
0.530 +0.030 (+6.000%) Research Report
22/04/2020 17:36
{I-bank focus}Morgan ups Shimao Property (00813) to HK$41.63
| Remark: | Real time quote last updated: 20/09/2024 18:00 |
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