Morgan Stanley slashed its target price for China Jinmao Holdings (00817) to HK$3.98 from HK$5.66 to reflect the uncertainty in the earnings outlook, and poor track record of execution. Morgan maintained its "overweight" rating due to the abundant landbank and attractive valuation.
The research house revised down its core earnings by 19.8% and 26.6% in 2021/22 to reflect the revised revenue and projects acquired in 2017-18 with a lower margin.
Morgan expects Jinmao's contract sales to continue their robust trend, with a 20% growth target in medium term.
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