[ET Net News Agency, 8 January 2021] BOCOM International Research lowered its target
price for China Resources Land (CRL) (01109) to HK$33.28 from HK$39.98 and downgraded its
rating to "neutral" from "buy".
The research house said CRL achieved total contracted sales of RMB285bn in 2020, up
17.5% and 8.8% above its target of RMB262bn. BOCOM estimated saleable resources for 2021
to be RMB510bn, and the company to achieve 7-16% sales growth in 2021 assuming 60-65%
sell-through.
BOCOM noted most major tier-1/2 cities have adopted stringent ASP caps. Thus, it
believes CRL's development margin will normalize to 25-30% and drag near-term earnings
growth. In view of the potential margin compression, BOCOM lowered its core profit
estimate for FY2020/21 by 20.6%/16.5%. (KL)
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01109 CHINA RES LAND
Nominal 
26.200 +0.900 (+3.557%) Research Report
08/01/2021 11:24
{I-bank focus}BOCOM downgrades CR Land (01109) to HK$33.28
| Remark: | Real time quote last updated: 25/04/2024 15:08 |
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