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RTNominal down16.500 -0.160 (-0.960%)
Research Report

12/06/2020 11:13

{I-bank focus}Nomura lifts Evergrande (03333) to HK$18.1

[ET Net News Agency, 12 June 2020] Nomura lifted its target price for China Evergrande
Group (03333) to HK$18.1 from HK$14 and maintained its "neutral" rating.
The research house noted that Evergrande management projected a strong 33% growth in
contracted sales in FY2020 and net gearing falling to 30% by FY2022 (159% in FY2019).
Nomura thinks this projection is optimistic. It sees limited scope for improvement in
the company's asset turn in lower-tier cities (65% of landbank). Nomura believes such
growth is unlikely without further price cuts/ sales promotions, which make for an
uncertain margin outlook. It estimates an EPS CAGR of 28% over FY2020-21 on a low base in
FY2019. (KL)

Remark: Real time quote last updated: 18/09/2020 17:59
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