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<Research>Citi: CN Developers Hail Turning Pt; Sep Sales Weak but QE Boosts Expectation
Recommend 32 Positive 62 Negative 28 |
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Citi, in its report, forecast Chinese property developers to reach a turning point in October, as the focus of China's quantitative easing (QE) policy shifts. It believed that more expansionary fiscal measures will be taken in October, and policy easing expectations (e.g. T1 cities), follow-up actions on fiscal measures and bank capital restructuring, paired with expectations of an improvement in the RMB exchange rate and the government's attention to the property and stock markets, will be positive factors in October. The broker expected sales by Chinese property developers to pick up in October following the announcement of local policies at the beginning of the month, and estimated that the YoY decline in sales will narrow to 15% in 4Q24. The broker's top picks among Chinese property developers were BEKE-W (02423.HK) and CHINA RES LAND (01109.HK). Citi's target prices for Chinese property developers are listed below: Stock | Target Price (HKD) AGILE GROUP (03383.HK) | $0.7 C&D INTL GROUP (01908.HK) | $15.8 CIFI HOLD GP (00884.HK) | $0.27 CH OVS G OCEANS (00081.HK) | $2 CHINA OVERSEAS (00688.HK) | $15 COUNTRY GARDEN (02007.HK) | $0.4 CHINA RES LAND (01109.HK) | $32.7 GREENTOWN CHINA (03900.HK) | $8 R&F PROPERTIES (02777.HK) | $0.6 CHINA JINMAO (00817.HK) | $0.8 KWG GROUP (01813.HK) | $0.36 LONGFOR GROUP (00960.HK) | $12.4 MIDEA REAL EST (03990.HK) | $3.7 POWERLONG (01238.HK) | $0.89 SEAZEN (01030.HK) | $1.8 SHENZHEN INVEST (00604.HK) | $1.15 SUNAC (01918.HK) | $1.5 CHINA VANKE (02202.HK) | $4.9 YUEXIU PROPERTY (00123.HK) | $5.5 Real estate trading platform BEKE-W (02423.HK) | $62 Property management stocks GREENTOWN MGMT (09979.HK) | $4.5 AAStocks Financial News |
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