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<Research>UBS: LONGFOR GROUP (00960.HK) Profit Warning Far Worse Than Expected; Rating Kept at Neutral
Recommend 2 Positive 3 Negative 5 |
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LONGFOR GROUP (00960.HK) recently issued a profit warning, UBS released a research report saying. Due to margin pressure in the property development business, the Company's 2025 core net loss is expected to be RMB1.5-2 billion, significantly exceeding UBS' expectation of a core loss of RMB450 million. Therefore, UBS kept rating at Neutral on the Group, with a target price of $10.2. The broker expected that losses from the property development business (estimated at RMB7-7.5 billion annually) in 2025-2026 will reduce its net asset value unless the loss narrows or the Group considers spinning off its shopping malls into CREITs with higher valuation. AASTOCKS Financial News Website: www.aastocks.com |
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