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<Research>BofAS Adds CHINA OVERSEAS (00688.HK) TP to $15.5, Raises Earnings Forecast on Faster Booking of Sales Proceeds
Recommend 6 Positive 9 Negative 2 |
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BofA Securities noted in a report that 1Q revenue of CHINA OVERSEAS (00688.HK) rose 14.4% YoY to RMB36.5 billion. Operating profit was flat YoY at RMB6.65 billion, but up 22.2% YoY when excluding foreign exchange losses. BofAS described the company's solid revenue and operating profit performance in 1Q as a good start. The broker reiterated Buy on the company, taking into account its continued outperformance over its peers and its strength in focusing on first- and second-tier cities. Since the beginning of the year, CHINA OVERSEAS has slowed down its pace of land acquisition. Given the uncertainty in the outlook for property prices in the mainland and the possibility of a drop in land prices in 2H24, the broker found it reasonable. Citi listed CHINA OVERSEAS as one of the top picks in the sector. The broker raises its earnings forecast for 2024-2026 by 5%-7%, taking into account that revenue growth will be fuelled by a positive first quarter and accelerated booking of sales proceeds. The broker also lifted its target price from $15 to $15.5 accordingly. AAStocks Financial News |
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