＜Research＞BOCI Cuts CHINA RES LAND (01109.HK) TP to $36.1, Maintains Buy

　　BOCI has released a research report, estimating that CHINA RES LAND (01109.HK) -0.100 (-0.407%) Short selling $22.21M; Ratio 12.190% 's revenue, as well as development and recurring revenues, will grow by high single digit YoY in 1H24, while its development gross margin will reduce to below 15% from around 20% in 2023 and its core net profit will drop by 5% YoY. Based on lower margin assumptions, the broker also trimmed the EPS forecasts for 2024 to 2026 by 7.8%-12.7%.

　　BOCI lowered CHINA RES LAND's net asset value (NAV) per share by 7.6% to $40.11 per share due to lower gross margins. The broker also commented that it considered the share valuation of CHINA RES LAND undemanding in the light of its strong recurring income and solid financial position. Taking into account the above factors, BOCI lowered the TP of CHINA RES LAND from $39.09 to $36.1 and maintained a Buy rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-25 12:25.)

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