Jefferies Research initiated coverage on Sunac China Holdings (01918) with a "buy" rating and a price target of HK$46.01.
The research house said Sunac has the largest landbank and lowest land cost among its large-cap coverage. RMB2.8trn of saleable resources should propel it to a top-3 developer next year (20+% sales growth), and an expanding cultural & tourism segment facilitates procurement of mega projects in T2 cities at low cost.
Jefferies believes Sunac can achieve 23% sales growth to RMB568bn this year, and grow another 20% to RMB683bn in 2020 to be the third-largest developer in China, even without further land banking.
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