＜Research＞M Stanley Trims CHINA OVERSEAS (00688.HK) TP to $14.8, Cuts Contract Sales Forecast

　　Morgan Stanley released a research report, lowering its contracted sales forecast for CHINA OVERSEAS (00688.HK) 0.000 (0.000%) Short selling $84.35M; Ratio 32.481% for 2024 by 10% to RMB276.4 billion in light of the lower margins and weaker sales growth of the group given unending home price declines. In addition, the broker cut its gross profit margin forecasts for 2024-26 by 0.4/ 1.3/ 2.2 ppts to 19.3%/ 17.7%/ 21.1% respectively.

　　Morgan Stanley also trimmed its 2024/ 25/ 26 core earnings forecast for China Overseas by 10%/ 9%/ 7%. The TP was chopped by 3.9% from $15.4 to $14.8, maintaining Overweight rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-19 16:25.)

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