Credit Suisse: Maintain China Jinmao (00817) ‘outperform’ target price lowered to HK $3.2

2022-07-04 0 By

Zhitong Financial APP learned that Credit Suisse issued a research report that maintained China Jinmao (00817) “outperform” rating, optimistic about its ample available resources, as well as the advantages of state-owned enterprises, based on a lower margin assumption, the 2020/23 fiscal year earnings forecast down 8% to 10%, net asset value estimates down 8%,Target price lowered to HK $3.2 from HK $3.44.China Jinmao’s core profit rose 10 percent year-on-year to 4.2 billion yuan last year, roughly in line with the bank’s expectations, the report said.Management is targeting Rmb240bn in total contract sales this year, up 2 per cent from a year earlier, and remains cautious about where it invests.Credit Suisse said the company’s current strong land bank should support sales growth for the next two to three years, meaning there is little urgency to acquire land in the near term.