Jinwu Financial News | According to the First Shanghai Development Research Report, China Overseas Development (00688) achieved contract sales of about 309.8 billion yuan in 2023, an increase of 5.1% over the previous year. It ranked third in the industry and second in terms of equity sales. The overall market share increased by 0.29 ppt to 2.66%.
According to the bank, the company's land storage is highly focused on high-energy cities and core regions, and has a stable operating capacity and financial structure, leading the industry in development and operation efficiency and profitability, and its market share is constantly increasing. At the same time, financing capacity and cost advantages will enable the company to obtain more high-quality soil storage and support the company's continuous improvement of profits and long-term development. The company's core net profit for 2024 to 2026 is estimated at $23.2 billion, $24.9 billion and $26.5 billion respectively, giving a price-earnings ratio of 8 times 2024, with a target price of HK$18.8 (originally HK$10.46), with a purchase rating.