GLONGHUI, September 19 | Citigroup published a report saying that although China Evergrande continues to take measures to deal with debt and liquidity pressure, considering its huge liabilities, operations may still face major challenges. The company's accountants also stated that they were unable to express an opinion on the 2021-2022 financial situation, while the first half of 2023 said it could not reach a conclusion. The bank lowered the company's target price from HK$1.3 by 61.5% to HK$0.5 to maintain its “sell-sell” rating. At the same time, Citigroup introduced new forecasts. It expects losses of 59.8 billion yuan and 20.6 billion yuan respectively from 2023-2024, and a profit of 1,483 billion yuan in 2025.
大行评级｜花旗：下调中国恒大目标价至0.5港元 维持“沽售”评级
Big Bank Rating｜Citigroup: Lowers China Evergrande's target price to HK$0.5 to maintain “sell” rating
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