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<Research>G Sachs Trims CHINA VANKE (02202.HK) TP to $5.8 as Deleveraging Remains Challenging
Recommend 4 Positive 3 Negative 5 |
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CHINA VANKE (02202.HK) posted its first loss of RMB9.85 billion in 1H24, worse than its estimations made in prior profit warning, Goldman Sachs released a research report saying. The Company repaid a total of RMB52 billion in debt in 7M24, while the repayment for the rest of FY2024 is basically guaranteed, Goldman Sachs said. However, considering a total of RMB64 billion of bonds maturing between 2025 and 2027 and a dimmer sales outlook and cash collection, the outlook for debt repayment may become even more difficult, while deleveraging remains challenging. Goldman Sachs lowered its 2024-2026 profit forecasts to losses after the Company announced its results, and expected a loss of RMB11.5 billion/ RMB12 billion/ RMB700 million each for the period. The broker also trimmed its target price by 12% to $5.8, with rating kept at Neutral. AAStocks Financial News |
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