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China Property Market
2 hours ago,
Post: #221
RE: China Property Market
Copied from "aastocks" website on 19 sept 2017 :

Citigroup, in its report, believed that the PRC developer sector's current re-rating is sustainable over the coming years in three stages. The first stage of re-rating, starting from 2H16 to August 2017, has been completed.

The second stage begins from August 2017 to mid-2019. Driven by strong results of developers in 1H17, the broker said the second stage will be boosted by resilient earnings upcycle from 2017 to 2019 and the ROE rebound. After a quicker industry consolidation, robust contracted sales further enhanced the sector visibility in the future.

For the third stage after 2019, valuation multiples will further expand to 10-12x P/E or even higher. The market development will be more mature, as the government’s long-term housing mechanism is largely in place, thus reducing policy uncertainty, etc.

The broker believed that there are 14 PRC developers which are changing the business model now with better valuations, thus raised the target price of the developers by 18% on average.
Citigroup upgraded AGILE GROUP (03383.HK) +0.320 (+2.640%) Short selling $11.67M; Ratio 5.590% to Buy.
Industry top picks are COUNTRY GARDEN (02007.HK) +0.040 (+0.282%) Short selling $76.96M; Ratio 3.980% , LONGFOR PPT (00960.HK) +0.400 (+1.869%) Short selling $15.72M; Ratio 6.628% , CHINA JINMAO (00817.HK) +0.010 (+0.231%) Short selling $7.19M; Ratio 4.131% , R&F PROPERTIES (02777.HK) -0.200 (-0.969%) Short selling $37.14M; Ratio 10.285% , KWG PROPERTY (01813.HK) -0.040 (-0.432%) Short selling $19.82M; Ratio 8.901% and CIFI HOLD GP (00884.HK) +0.090 (+1.804%) Short selling $11.82M; Ratio 6.785% .
(Quote is delayed for at least 15 mins.Short Selling Data as at 2017-09-19 16:25.)

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