Morgan Stanley cut its target price for China Aoyuan (03883) to HK$ 10.56 from HK$10.81 and maintained its "overweight" rating.
The research house lowered its core earnings for Aoyuan by 21% and 20% in 2021/22 due to lower revenue by 11% and 12% in 2021/22 on slowing revenue booking in 2020.
Morgan noted that the company targets 13% sales growth in 2021. Management guided a booking revenue CAGR of 25% for property development in 2021-23. Its landbank to be supported by urban redevelopment.
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