According to the Deutsche Bank report, maintaining the “buy” rating of Joy City Real Estate (00207.HK), the target price was lowered from 4.5 yuan to 4.05 yuan. According to the bank, due to recent stock market fluctuations, the market has once again focused on group and industry fundamentals. The bank believes that Joy City has low financial costs, a strong balance sheet, and that parent companies can continue to support rapid growth in its business under low risk, and its net debt ratio is lower than the average of its peers. In addition, the group is the listed flagship of the state-owned COFCO Group's main real estate business. The average borrowing cost is low, and there is a downward trend. It is believed that it will reach 4.5% by the end of 2016.
德银维持大悦城地产(00207.HK)「买入」评级，目标价下调至4.05元
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