＜Research＞M Stanley Reduces GREENTOWN CHINA (03900.HK) TP to $7.56, Rates Overweight

　　Morgan Stanley noted in a report that GREENTOWN CHINA (03900.HK) -0.150 (-2.315%) Short selling $1.89M; Ratio 5.346% achieved contracted sales of RMB68 billion in the first five months of the year, down 18% YoY but clearly outperforming the industry. The broker believed the company's rising sales attributable ratio should ease the pressure of falling sales.

　　Although GREENTOWN has slowed down its land bank purchases in line with the industry, Morgan believed that its higher operational efficiency should continue to drive better-than-peer sales growth in 2H. Still, the broker dropped its 2024 contracted sales forecast by 7% to RMB171 billion, taking into account the likelihood that weakness in the physical market will continue into 2025.

　　Morgan Stanley lowered the company's core earnings per share forecasts for 2024/25/26 by 10.3%, 13.5% and 14.2% each to RMB1.41, RMB1.53 and RMB1.72 respectively. The broker also reduced its target price from HK$8.26 to HK$7.56 and maintained its Overweight rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 16:25.)

　　AAStocks Financial News