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<Research>Nomura Expects CN Developers to See Further Deterioration in 2024 Earnings, Downgrades LONGFOR GROUP to Neutral
Recommend 9 Positive 9 Negative 5 |
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Nomura has issued a research report predicting the 2024 earnings of major Chinese developers to further taper off. Because of revenue recognition from low-margin real estate projects and developers recording loss provisions on discounted sales prices, the core earnings of Chinese developers will decline markedly YoY. In the broker's estimate, CHINA RES LAND (01109.HK) will log an 8% YoY drop in its 2024 core earnings, CHINA OVERSEAS (00688.HK) a 28% drop, and LONGFOR GROUP (00960.HK) a 38% drop. Nomura downgraded LONGFOR GROUP from Buy to Neutral, with the target price reduced from $11.8 to $9.8. Meanwhile, it kept a Buy rating on CHINA RES LAND with a target price cut from $30.6 to $29.8, and a Neutral rating on CHINA OVERSEAS with a target price lowered from $12.7 to $12.3. It remained upbeat about KE Holdings (BEKE.US) (02423.HK). AAStocks Financial News |
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