We cut 2012e EPS by 19% to Rmb0.56 to reflect falling revenuefrom high-margin land leasing business, and we expect 2013 EPS tobe Rmb0.63 (+13% YoY). Lujiazui-B is trading at 11.3x/10.0x2012/13e P/E and at a 66% discount to 2012 NAV. Maintain BUYrating and US$1.29 target price.
【中金公司】Lujiazui B:Profit Declines on Land VAT Provisioning
【中金公司】Lujiazui B:Profit Declines on Land VAT Provisioning
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