CIFI Holdings is an investment holding company based in the People's Republic of China. Co. is engaged in property development, property investment and provision of property management and property related services. Co.'s residential property development activities focus on developing quality, mass market residential properties with small-to-medium unit sizes, comfortable living environment and locations with good public transportation links. Co.'s commercial property development activities focus on developing office properties-for-sale. Additionally, Co. provides property management services to residential and commercial customers through the property management companies.
KWG Property Holding is an investment holding company. Co.'s portfolio provides different types of products, which include mid- to high-end residential properties, serviced apartments, villas, office buildings, hotels and shopping malls. Co.'s segments include: property development, which is engaged in the sale of properties; property investment, which is engaged in leasing of properties; hotel operation, which is engaged in the operation of hotels; and property management, which is engaged in the provision of property management services.
Times Property Holdings is a property developer in China, focusing on the development of mid-market to high-end residential properties. Property development is the development of residential and commercial properties for sale. Property leasing is the development, leasing and sub-leasing of commercial properties owned by Co. or independent third parties. Property management is the provision of property management services to Co.'s residential customers. Co. has expanded its business to Guangzhou, Foshan, Zhuhai, Zhongshan, Qingyuan and Changsha.
Zhenro Properties Group Ltd. Zhenro Properties Group Limited is an investment holding company principally engaged in the sale of properties. Along with its subsidiaries, the Company provides sales of properties, property leasing business, provision of commercial property management services, and sales of goods and provision of design consultation services.
CIFI Holdings reported 1H19 net profit of Rmb4.41b (+5.66% yoy), in line with expectations. Its 3-year recognised revenue CAGR reached 32% yoy, underpinning earnings growth. Management maintained 2019 sales guidance of Rmb190b as 54.4% of its target has been achieved in 7M19. CIFI’s sales have grown by leaps and bounds. Maintain BUY with target price of HK$6.24.
CHINA Sector Machinery: Excavator sales accelerated in July, easing market concerns. Results CIFI Holdings (884 HK/BUY/HK$4.22/Target: HK$6.24): 1H19: Sales grow in line with expectations. Lee & Man Paper (2314 HK/SELL/HK$4.01/Target: HK$3.50): 1H19: Net profit down 44% yoy, in line. Cut target price to HK$3.50 on weaker demand outlook for containerboard. Nexteer (1316 HK/HOLD/HK$7.51/Target: HK$8.00): 1H19: Results missed estimates; downgrade from BUY to HOLD with a lower target price of HK$8.00. Update Shenzhen Airport (000089 CH/HOLD/Rmb10.43/Target: Rmb10.90): SZIA will benefit at HKIA’s e...
KEY HIGHLIGHTS CHINA Sector Machinery Excavator sales accelerated in July, easing market concerns. Results CIFI Holdings (884 HK/BUY/HK$4.22/Target: HK$6.24) 1H19: Sales grow in line with expectations. Lee & Man Paper (2314 HK/SELL/HK$4.01/Target: HK$3.50) 1H19: Net profit down 44% yoy, in line. Cut target price to HK$3.50 on weaker demand outlook for containerboard. Nexteer (1316 HK/HOLD/HK$7.51/Target: HK$8.00) 1H19: Results missed estimates; downgrade from BUY to HOLD with a lower target price of HK$8.00. Update Shenzhen Airport (000089 CH/HOLD/Rmb10.43/Target: Rmb10.90) SZIA wil...
We remain confident of Wisdom’s solid growth on the back of stable enrolment growth and tuition fee increments. Management is targeting 25% yoy growth in revenue and net profit in FY20. Unless regulations tighten further, we believe downside is limited. Maintain BUY with a lower target price of HK$4.50 as we ascribe a lower terminal EBITDA valuation of 8x (from 10x) for our DCF valuation.
1H19 results came in as expected with reported net profit up 35% yoy, in line with the company’s guidance. The earnings growth was driven by 33% yoy store count growth and a hoh rebound in new car sales margin given the earlier completion of the emissions standard transition of the luxury brands it sells, additional rebates from OEMs and better supply discipline. Raise 2019-21 EPS by 7%/10%/17%. Maintain HOLD. Raise target price to HK$6.00. Re-entry price: HK$5.00.
BYD’s 2Q19 net profit came in as expected at Rmb705m (up 87% yoy, down 6% qoq), in line with guidance; but core net profit disappointed at only Rmb328m (down 20% qoq), given the subsidy cut from 26 Mar 19. Looking ahead, BYD guided on a 3Q19 net profit of Rmb100m-300m, down 72-91% yoy, due to further subsidy cuts from 26 Jun 19. Cut 2019-21 EPS by 5%/8%/12% on lower EV sales. Cut target price from HK$23.00 to HK$21.00. Maintain SELL.
Sunac China’s 1H19 operating income of Rmb76.84b (+64.9% yoy) is in line with our expectation. Three-year (2016-18) contracted sales CAGR was 75%, underpinning earnings growth. Sales performance grew by leaps and bounds. Sufficient cash flow will help reduce financial leverage. Maintain BUY and target price of HK$59.30.
positive surprise was attributed to the initially favourable response to Kerry’s Hong Kong luxury residential project, Mont Rouge, which garnered high ASP and margins. An interim dividend of HK$0.40/share was declared, flat yoy. Headwinds in 2H19 will make it a challenge to replicate the good performance in 1H19. Maintain HOLD with a lower target price of HK$28.60. Entry price: HK$27.10.
CHINA Sector Healthcare: Clearer regulatory directions benefit innovative drug development. Upgrade to MARKET WEIGHT. Results China Traditional Chinese Medicine Holdings (570 HK/BUY/HK$3.36/Target: HK$4.50): 1H19: Results in line, upgrade to BUY on attractive valuation. Haidilao International (6862 HK/HOLD/HK$31.85/Target: HK$29.92): 1H19: Slight miss; rosy prospects. Kingsoft Corp (3888 HK/HOLD/HK$15.22/Target: HK$14.00): 2Q19: JX mobile III performance misses expectation, full-year margin forecast guided down; downgrade to HOLD. WuXi Biologics (Cayman) Inc (2269 HK/BUY/HK$83.00/Target: HK$11...
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