Group 1 - Goldman Sachs reports that China Overseas Property has a more stable business outlook and solid support from its state-owned parent company, outperforming peers [1] - The underperformance of China Overseas Property relative to the market is attributed to ongoing headwinds in the real estate market, which continue to drag down the property management sector's business outlook and valuations [1] - The company's own profit and profit growth are slowing, coupled with low visibility on shareholder return growth [1] Group 2 - Goldman Sachs has lowered its average net profit forecast for China Overseas Property for 2025-2027 by 11%, reflecting an average revenue forecast reduction of 13% [1] - The expected compound annual growth rate for revenue from 2025 to 2027 is projected at 5% [1] - The forecasts for free cash flow and operating cash flow for 2025-2027 have been reduced by an average of 16% and 13%, respectively [1] Group 3 - The target price for China Overseas Property has been downgraded from HKD 6.1 to HKD 5 [1] - The rating has been changed from "Buy" to "Sell" [1]
大行评级丨高盛：下调中海物业评级至“沽售”，目标价降至5港元