Equity Analysis /
Hong Kong

HK : CIFI Holdings - Diversifying healthily

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

    Contributors
    Steven MAK
    Will Chu
    CGS-CIMB
    26 March 2022
    Published by

    CIFI’s core profit in FY21 was down by 9% and largely in-line with our estimate. It declared 4-for-100 bonus share distribution apart from cash DPS. Management reiterated its target of increasing attributable stake of contracted sales to 70% in 5-10 years, to improve earnings quality. It has recently tapped into bond markets and secured MA facilities from Chinese banks. Reiterate Add with a lower SOP-based TP of HK$6.0.