Greentown China (03900) had the sixth largest land acquisition volume in China last year, and is expected to add more than 100 billion yuan in land resources in 2024.
The Zhitong Finance App learned that Citi released a research report stating that it gave Greentown China (03900) a “buy” rating, and the target price was raised from HK$10.1 to HK$10.3. Good operating performance supports the company to maintain stable sales and profit prospects. Excluding newly acquired land, the company already holds 245 billion yuan (same below) of saleable resources, and noticed that its sales in 13 cities in the mainland last year ranked among the top ten in the industry.
According to the report, Greentown China's land acquisition volume last year was the sixth largest in China, and is expected to add more than 100 billion yuan in land resources in 2024; the company's increased asset turnover to ensure safe cash flow; lower financing costs plus a smooth refinancing process; as well as cost savings and continuous internal optimization within the company to improve efficiency and quality, all of which will help Greentown China maintain stable sales and profit prospects.