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Sinolink Securities: Third Plenary Session of the 18th CPC Central Committee first proposed real estate. Second-hand housing prices in Beijing and Shanghai increased month-on-month.
The communique of the Third Plenary Session on the policy front first proposes to prevent and resolve real estate risks and point out the direction of future real estate development. It is expected that the previous policy of destocking will accelerate its implementation, restrictive policies will continue to be relaxed, and the new model of "indemnificatory apartments + commodity apartments" will accelerate its construction, speeding up the process of market stabilization.
[Brokerage Focus] Soochow Securities first rated Longfor Group (00960) as a "buy", pointing to its reasonable debt structure distribution and steady development of operating business.
Jingu Finance | Soochow Securities released research indicating that Longfor Group (00960) is focusing its development business on high-energy cities, with over 90% of sales in tier-1 and tier-2 cities. As a leading integrated real estate developer in China, after more than 30 years of development, the company has formed a business model of "1+2+2" based on development, operation, and service. The bank indicated that the company's operating income from business operations is stable and helps to cross the cycle: in 2023, the company's operating business (operation + service) profit contribution will exceed 60%, creating a new growth curve that crosses the cycle. 1) The operation business is steadily developing. By 2023, Longfor Group's operating business (shopping malls, Crown Service Apartments) will not
Soochow Securities Starts Longfor Group Holdings at Buy With HK$14.70 Price Target
01:21 AM EDT, 07/19/2024 (MT Newswires) -- Soochow Securities Starts Longfor Group Holdings at Buy With HK$14.70 Price TargetPrice (HKD): $10.76, Change: $-0.60, Percent Change: -5.28%
Abnormal movement observation | Mainland real estate stocks fell during trading, with basic factors improving but residence prices continue to decline.
On July 19th, during trading hours, mainland real estate stocks were in decline. As of press time, China RES Land (01109.HK) fell 5.20% to HKD 25.5. Longfor Group (00960.HK) fell 4.75% to HKD 10.82. Seazen (01030.HK) fell 4.46% to HKD 1.5. According to news from Futubull, despite a decline in trading volume in several cities in July, the CRIC monitoring data shows that, thanks to favorable policies from central to local government since May, the market is still in a bullish trend.
Soochow Securities: Initiated coverage on Longfor Group with a "buy" rating and a target price of HKD 14.7.
Soochow Securities released a research report stating that it has initiated coverage on Longfor Group (00960) with a 'buy' rating, predicting a net income attributable to the parent of 12.97 billion yuan, 13.14 billion yuan, and 13.39 billion yuan in 2024, 2025, and 2026, respectively, with a target price of HKD 14.7. The company has formed a '1+2+2' business model based on development, operation and services. The company's controlling stake is stable, and professional managers assist in the company's development. The management team is experienced. The development business focuses on high-energy cities, with sales in the first and second-tier cities accounting for more than 90%; operating business income is stable, helping to cross the cycle. Soochow Securities' main points of view are as follows:
Hong Kong Shares Fall, Tracking Wall Street's Losses -- Market Talk
Hong Kong shares are lower in early trade, tracking Wall Street's overnight losses. The U.S. stock market indices ended markedly weaker as the slide in technology shares spread and pressured small cap and financial shares, UOB analysts say in a commentary.
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