Jefferies Research initiated coverage on Powerlong Real Estate Holdings (01238) with a "buy" rating and a price target of HK$6.83.
The research house believes Powerlong is a key beneficiary of the accelerating Yangtze River Delta (YRD) integration given its strong focus in the region (80% of its GAV).
Jefferies expects it to deliver >30% sales CAGR in the medium term given its abundant low-cost saleable resources. Coupled with its strong IP (investment property) pipeline (rental income to fully cover gross interest expenses), Jefferies forecast 30% earnings CAGR and 5-9% dividend yield in FY2019-21.
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