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Research Report

26/06/2020 17:04

CCBIS raises Evergrande (03333) to HK$25.2; "outperform"

[ET Net News Agency, 26 June 2020] CCB International Securities (CCBIS) raised its
target price for China Evergrande (03333) to HK$25.2 from HK$19.88 and maintained its
"outperform" rating.
The research house believes Evergrande's strong sales year-to-date (RMB315bn as of 22
June) are underpinned by its strong execution. Its contracted ASP has picked up 9% from
March to May, suggesting that the margin squeeze might not be that significant.
Furthermore, CCBIS views the improvement in cash collection as more important as it
showcases an improving financial position, on both leverage and liquidity fronts, which
should partially alleviate credit rating agencies' concerns on Evergrande's high level of
short-term debt, gearing and a high portion of trust loans. (KL)

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