[ET Net News Agency, 16 January 2024] Daiwa lowered its target price for Longfor Group
(00960) to HKD12.2 from HKD26.3 and downgraded its rating to "outperform" from "buy".
The research house said it cuts 2023-25E EPS by 29-30% as it lowers revenue forecasts by
5-19% (on slower-than-expected contract sales over 2023-24E) and also revises down
gross-margin estimates to 18.5-20.5% from 21.5-21.8% (on lower ASPs in some cities and
inventory clearance). (RC)