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Research Report

07/05/2021 17:51

{I-bank focus}Morgan cuts R&F Properties (02777) to HK$9.19

[ET Net News Agency, 7 May 2021] Morgan Stanley lifted its target price for Guangzhou
R&F Properties (02777) to HK$9.19 from HK$ and maintained its "underweight" rating, with
weak earnings and contract sales growth.
The research house revised down its core earnings by 29.6% and 37% in 2021/22 to reflect
lower revenue and projects acquired in 2017-18 with a lower margin. Morgan has concerns
about the company's highly leveraged balance sheet and significant exposure in lower-tier
cities, which may obscure visibility on its earnings growth in the next few years.
Morgan thinks urban redevelopment is key for a turnaround in fundamentals, but it noted
that such projects normally have uncertain timetables. It added that the key for R&F
Properties would be to deleverage and improve from the current "red" category. (KL)

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