Longfor's Rental Growth Could Mitigate Drag from Weak Property Sales -- Market Talk

Dow Jones03-25

0520 GMT - Longfor Group's recurring profit mainly from rentals could mitigate the drag from its weak property sales in 2024, Jefferies analysts say in a research note. Longfor's recurring profit could rise 20% in 2024 as management has guided for 10%-20% growth in its mall rental business and 20% growth in housing rental and property management businesses, the analysts say. The analysts see 2023 as an inflection point for Longfor to transform to a landlord model. Access to more funding via government policy support measures could also alleviate market concerns on weak property sales in 2024. Jefferies maintains a buy rating and target price at HK$11.80 on the stock, which is last at HK$10.90. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 25, 2024 01:20 ET (05:20 GMT)

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