Goldman Sachs analyst Vicky Li upgraded Greentown China to Buy from Neutral with a HK$16.70 price target. The analyst continues to believe SOE developers will benefit the most amid a slightly improving industry outlook in 2023 and thinks Greentown is making strong inroads into the top-tier. Li also sees attractive market cap expansion potential on the right execution. The next leg of Greentown’s market cap expansion should be driven by earnings momentum and ROE expansion, which sees Greentown well-placed to crack China’s property top-10 by profit by 2025, the analyst adds.
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Published first on TheFly