J.P摩根-中国股市重拾信心-2017-2018年展望-2017.9-JPMORGAN-China Property The start of confidence restoration 1H17 results review.pdf

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2017-10-10 发布于北京
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J.P摩根-中国股市重拾信心-2017-2018年展望-2017.9-JPMORGAN-China Property The start of confidence restoration 1H17 results review.pdf

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Completed 03 Sep 2017 08:00 PM HKT Disseminated 03 Sep 2017 08:28 PM HKT Asia Pacific Equity Research 03 September 2017 China Property The start of confidence restoration; 1H17 results review The interim results of China developers make us turn more positive on the sector, China driven by optimism in earnings and margin outlook. Key surprises come from (1) China / Hong Kong Property better-than-expected cost control, (2) older landbank accounts for bigger portion AC Ryan Li, CFA of delivery, (3) more landbanking activities in the MA market at low cost and (852) 2800-8529 (4) strong sales growth guidance into 2018. We think the interim results provide ryan.lh.li@ sufficient evidence to the market that ROE and margins are on a solid uptrend, Bloomberg JPMA RLI GO and contracted sales growth should be in place to become key share price Karl Chan drivers in 2H17. We believe property-related systematic risk will continue to fall, (852) 2800-8513 eventually inducing macro funds to re-enter the sector. The market is skeptical karl.chan@ about