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<Research>BofAS Cuts TP of CHINA STATE CON (03311.HK) to $11.7, Rates Buy
Recommend 7 Positive 13 Negative 10 |
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BofA Securities issued a report on CHINA STATE CON (03311.HK), lowering its target price from $12 to $11.7 and maintaining its Buy rating. An earlier meeting of the CCP Politburo emphasised that de-stocking is a key policy for the property market, posing a headwind to the company's new order growth from social housing projects in the mainland. Local governments may be more inclined to buy existing properties than build more projects due to the goal of de-stocking. However, with a diversified and geographically balanced portfolio of projects and a presence in Hong Kong and Macau, management remained confident of achieving its target of double-digit profit growth this year. BofAS lowered its 2024-2026 earnings forecast on CHINA STATE CON by 0.3-1.5% to reflect the above impact. The target price of $11.7 is equivalent to 5.7x 2024 forecasted P/E and an attractive dividend yield of 7.2%. AAStocks Financial News |
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