Upgrading Shimao FVE on Strong Year-to-Date Contract Sales
We are upgrading our fair value estimate for Shimao Property to HKD 25 per share from HKD 22 as a result of the company's strong sales year to date. The sales performance has outpaced most of the sector peers. We still believe the property market is near the tail end of a growth cycle, but given Shimao's sales momentum as well as the expansion of its operational scale, we expect the company to book strong earnings growth over the next two to three years. Our updated fair value estimate is 8 time...Shimao Property Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in property development, investment and hotel operation in the People's Republic of China. Co. develops commercial properties through its 64.12% owned subsidiary Shanghai Shimao Co., Ltd. As of Dec 31 2014, Co. had 104 projects in 41 cities in the country.
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