Greentown China Holdings' Contracted Sales May Remain Flat This Year -- Market Talk

Dow Jones03-26

0816 GMT - Greentown China Holdings will likely report flat contracted sales this year, CCB International analysts Elena Chen and Lung Siufung say, noting that the property developer has projected 2024's newly-added saleable resources at CNY100 billion versus CNY142 billion in 2023 to align with the slower pace of sales growth. CCB cuts Greentown's 2024-2025 earnings forecasts by 6% and 10%, respectively, to reflect their lower revenue and gross profit margin assumptions. CCB lowers the stock's target price to HK$11.00 from HK$12.00 but maintains its outperform rating given Greentown's product upgrades, targeted investments in top-tier cities, and tight cost control. Shares last closed at HK$6.12. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 26, 2024 04:16 ET (08:16 GMT)

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CCB lowers the stock's target price to HK$11.00 from HK$12.00 but maintains its outperform rating given Greentown's product upgrades, targeted investments in top-tier cities, and tight cost control. Shares last closed at HK$6.12. 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