内容摘要:Lowering target prices to reflect near-term tightening risk
We lower our 12-month target prices across 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 is to slow, rather than
reverse, China’s 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.