[ET Net News Agency, 7 May 2021] Morgan Stanley lowered its target price for Times
China (01233) to HK$11.8 from HK$13.63 and downgraded its rating to "equal-weight" from
"overweight".
The research house said the downgrade was due to (1) slowing contract sales growth, with
company targets of 10% growth for 2021, (2) slowing earnings growth of 3% for 2021, 12%
for 2022, and 15% for 2023; (3) conservative land acquisitions in the public market, and
(4) a regional focus without much progress on national expansion. (KL)