高盛对中国房地产开发商全英文深度研究报告（ 42页）.pdf
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2021-04-22
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1、February 22, 2010 China: Real Estate Developers Gao Hua Securities Investment Research 1 February 22, 2010 China: Real Estate Developers Reshuffling picks on new risk/reward analysis amid tightening Lowering target prices to reflect near-term tightening risk We lower our 12-month target prices acros2、s our coverage group by 0%- 32% after increasing our target price discounts to NAV by 0-20 percentage points (to within a range of 10%-40% from our prior 0%-30% range). This reflects our concern of greater uncertainty arising from recent government macro tightening. Although we believe its purpose i3、s to slow, rather than reverse, Chinas economic recovery, we believe the tightening could affect the pace of developers selling properties or realizing their land bank value in the near-term and could therefore weigh on share price performance. Current share prices are approaching our bear-case valuation Recent falls mean share prices are on average only 8% higher than our bear-case year-end 2010
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