Daiwa published a report maintaining the “buy” rating of South China City (01668.HK). The target price dropped from 5.4 yuan to 3.9 yuan. South China City announced FY2015 results on June 29 and contract sales for the first quarter of FY2016 on July 15. The bank lowered its earnings per share measurement for the 2016-2017 fiscal year by 43% to 51% due to performance falling short of expectations. However, I believe that the stock price has reflected recent adverse factors, and I believe that now is a good time to re-invest in this stock. Daiwa believes that with the attractive valuation of South China City, the company will be able to benefit the mainland from continuing to promote urbanization. Short-term catalysts include recurring revenue growth, logistics business restructuring, and dividend yields can also support stock prices.
大和续评华南城(01668.HK)买入，目标价降至3.9元
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