Core Viewpoint - Goldman Sachs reports that China Overseas Property (02669) outperforms its peers due to a more stable business outlook and strong support from its state-owned parent company, China Overseas Development (00688), but its underperformance relative to the market is attributed to ongoing headwinds in the real estate market, which continue to drag down the property management industry's business outlook and valuations, as well as slowing profit and profit growth for China Overseas Property, coupled with low visibility on shareholder returns [1] Group 1 - The average forecast for net profit from 2025 to 2027 has been lowered by 11% to reflect an average revenue forecast reduction of 13% [1] - Revenue is expected to grow at a compound annual growth rate (CAGR) of 5% from 2025 to 2027 [1] - The forecasts for free cash flow and operating cash flow for 2025 to 2027 have been reduced by an average of 16% and 13%, respectively [1] Group 2 - The target price for China Overseas Property has been adjusted down from HKD 6.1 to HKD 5 [1] - The rating for the company has been downgraded from "Buy" to "Sell" [1]
高盛：一举降中海物业评级至“沽售” 目标价下调至5港元