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<Research>JPM: CN Developers Expected to Remain Resilient Ahead of Apr Politburo Meeting; Top Picks CHINA RES LAND/ CHINA JINMAO/ CHINA RES MIXC
Recommend 31 Positive 43 Negative 10 |
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Chinese developers recorded an approx. 5% incline yesterday (4th), compared to the flat performance of the HSI on the same day, JPMorgan released a research report saying. The sector has shown strong performance YTD, with a total increase of 16%, compared to the approx. 5% rise in the HSI during the same period. This is believed to be driven by market consensus of a stabilization in the secondary property market in January and heightened expectations for stronger supportive policies. JPMorgan believed that it is still too early to assert that the Chinese property market has stabilized, and noted that the sales performance of the top 100 developers in January remained weak, with a YoY decline of 21%. China's property sector is believed to remain resilient ahead of the Politburo meeting in late April, although volatility is still expected to be higher. Currently, the broker's top picks are CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK) and CHINA JINMAO (00817.HK), with the belief that their corporate fundamentals can continue to support the outperformance of their stock prices, with all rated at Overweight, and target prices of $35/ $46.5/ $1.75, respectively. In a potential policy-driven rebound, LONGFOR GROUP (00960.HK) is expected to offer the best risk-reward ratio, JPMorgan added. The broker also rated the stock at Overweight, with a target price of $13. AASTOCKS Financial News Website: www.aastocks.com |
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