Kepland: Nomura maintains Buy with $5.19 TP, after takeaways from visit to grp’s Chengdu and Tianjin Eco City projects. Mgt expects sentiment to remain soft in the near term and is looking for a window of opportunity to launch a combined 2,366 units in these two markets later this yr…..
Add that EVGP’s land bank in Tianjin Eco City looks a hidden gem, but house have ascribed a discount of 45% (vs. no discount previously) to grp’s ppty devt business in China to reflect the challenging near-term outlook. A potential catalyst for the stock could be the entry of a major developer for a commercial project in the eco city’s CBD.
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