[ET Net News Agency, 22 February 2021] Goldman Sachs lifted its target price for China
Resources Land (CRL) (01109) by 9% to HK$45.8 and reiterated its "buy" rating.
The research house believes CRL's lagging share price recovery since March 2020 against
its close peers provides an attractive entry-level and offers both near-term and
longer-term appeal.
Goldman estimated the company could further lever up and spend Rmb340bn on new project
acquisitions over 2021-22. This would represent 1.2x of what it invested in 2019-2020.
According to its current development pipeline, the company aims to open 10-12 malls p.a.
in the next five years, sending its total commercial portfolio to 120 malls by 2025.
Goldman estimated a total Rmb89bn valuation of this mall portfolio at 2021.
Reflecting CRL's latest land acquisitions, stronger-than-expected post-COVID rental
income recovery in FY2020 but higher SG&A expense in 2023, Goldman revised its 2020-23 EPS
by +5%/+7%/+6%/-8%. (KL)
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01109 CHINA RES LAND
Nominal 
25.300 +0.900 (+3.689%) Research Report
22/02/2021 18:01
{I-bank focus}Goldman lifts China Resources Land to HK$45.8
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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