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03333 EVERGRANDE
RTNominal down15.000 -0.260 (-1.704%)
Research Report

02/09/2020 10:09

{I-bank focus}Goldman raises Evergrande (03333) to HK$18.6

[ET Net News Agency, 2 September 2020] Goldman Sachs raised its target price for China
Evergrande Group (03333) by 3% to HK$18.6 and maintained its "neutral" rating.
The research house said Evergrande's 1H core profit (net profit excluding FX impact and
post-tax revaluation gains from IP) of Rmb7.5bn accounts for 23% of FY2020 Goldman's
estimate, dragged by a below-expectation gross margin on aggressive selling price cuts in
exchange for volume growth.
Goldman raised its 2020 contract sales target to Rmb750bn, which implies a 42%
sell-through on Rmb710bn saleable resources in September-December 2020. It revised its
2020-22 EPS forecasts by -20%/-2%/-1% to reflect faster GPM deterioration from aggressive
sales promotions. (KL)

Remark: Real time quote last updated: 23/10/2020 17:59
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