＜Research＞Nomura Cuts TPs on CR LAND, COLI & LONGFOR, Expects 1H24 Earnings Weak

　　According to a research report by Nomura, weak sales in the Chinese property market have continued to affect earnings, and the data and guidance for 1H24 are likely to remain weak, with major Mainland property developers believed to be in for another disappointing 1H earnings season. The leasing business, meanwhile, already showed signs of cooling in June due to subdued market sentiment and uncertainty over the outlook for consumption in 2H24.

　　Nomura expected developers to take a more cautious approach to full-year guidance for 2024 as it does not see a significant change in property sales momentum and projected property policy to be only marginally supportive in 2H24. The broker maintained a conservative view on the property sector and is only bullish on the quality companies in the sector, namely Beike (BEKE.US) .

　　Related NewsBOCI Axes LONGFOR GROUP (00960.HK) TP to $12.77, Expects 1H Profit to Slip ~30%

　　Nomura lowered its target price on CHINA RES LAND (01109.HK) +0.400 (+1.728%) Short selling $116.77M; Ratio 22.958% from $46.5 to $33.4, as well as that on LONGFOR GROUP (00960.HK) +0.380 (+3.893%) Short selling $30.94M; Ratio 25.895% from $17.1 to $12.6, while maintaining a Buy rating on both stocks. The broker furthermore trimmed its target price on CHINA OVERSEAS (00688.HK) +0.220 (+1.771%) Short selling $82.61M; Ratio 30.158% from $14.8 to $12.7 and downgraded it from Buy to Neutral.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-30 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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