Equity Analysis /
Hong Kong

HK : Country Garden - GPM to see improvement in 2023

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

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    CGS-CIMB
    29 March 2021
    Published byCGS-CIMB

    Country Garden’s FY20 results were weak with core profit down 19% on falling gross margin and slower-than-expected projects recognition. Management, however, said that its profit should resume growth ahead on faster volume growth, despite lower margin in FY21F and FY22F. Maintain Hold and higher TP of HK$10.50.