Goldman Sachs published a report on April 11th, stating that Country Garden (2007.HK) core net profit for the 2022 fiscal year was 2.6 billion yuan, a year-on-year decrease of 90%, which was significantly lower than the bank's and the market's expectations by 84% and 76%, respectively. However, the balance sheet improved last year. Due to the slow recovery of the mainland housing market, the bank expects that Country Garden's short-term sales and profit margin prospects will continue to be sluggish. Therefore, the bank reduced the basic earnings per share forecast for this year to the next two years by 33%, 27% and 14%, respectively, and also reduced the forecasted revenue for the next two years by 5%. The target price has correspondingly been lowered from HK$3.2 to HK$2.8, with a rating of "Neutral". Country Garden is currently up over 13% at HK$2.33, with a total market value of HK$64.3 billion.