0415 GMT - China Resources Land's growth drivers may be under pressure despite its efforts to improve operational efficiency, CCB International analysts Lung Siufung and Elena Chen say in a research note. The property developer anticipates that the profit contribution from recurring business such as management services will grow, but the analysts think a continued decline in China's property sales plus consumers switching to cheaper alternatives will inevitably slow earnings growth. CCB lowers 2024-2026 earnings forecasts for the company by 11%-15%. It maintains an outperform rating on the stock but drops its target price to HK$32.00 from HK$36.00. Shares are last at HK$21.00. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
August 29, 2024 00:17 ET (04:17 GMT)
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