＜Research＞BOCI Axes LONGFOR GROUP (00960.HK) TP to $12.77, Expects 1H Profit to Slip ~30%

　　Due to market correction, LONGFOR GROUP (00960.HK) 0.000 (0.000%) Short selling $15.91M; Ratio 14.375% contracted sales declined, BOCI wrote in its report. It expected that its revenue in 1H24 will fade about 25% YoY, and the gross margin of its development business will narrow from 14.7% in 1H23 to 5%-10% in 1H24.

　　The broker forecast that Longfor's net profit in 1H24 will be nearly 30% lower. In view of the slackening contracted sales and subsiding development profits, the broker axed the group's EPS forecast for 2024-26 by 11.8-14.7%, and the TP by 11.1% to $12.77 from $14.37, while maintaining a Buy rating, citing the group's strong recurring income and relatively strong balance sheet.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.)

　　AAStocks Financial News