Jefferies Research initiated coverage on Ronshine China Holdings (03301) with a "buy" rating and a price target of HK$14.75.
The research house said Ronshine is a T1/2-focused developer with >RMB370bn saleable resources (78% in T1/2 cities). Jefferies expects a 30% earnings CAGR in FY2019-21 on the back of its strong sales and margin recovery.
Jefferies believes the redevelopment projects in Zhengzhou/Taiyuan will be its second engine to sustain high/quality growth in the medium term. Also, Jefferies expects its improving net gearing will further lower its financing costs.
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