Core Viewpoint - Morgan Stanley has raised the target price for China Jinmao (00817) from HKD 1.2 to HKD 1.32 while maintaining a "Market Perform" rating due to a 27% year-on-year increase in property sales for the first nine months of the year [1] Financial Performance - The full-year revenue forecast has been increased by 11% to RMB 118 billion, indicating a year-on-year growth of 20% [1] - Revenue forecasts for 2025 to 2027 have been adjusted upwards by 6%, 10%, and 11% respectively [1] Profitability Metrics - The gross profit margin predictions for the development business for 2025 to 2027 have been raised by 2.2, 2.9, and 3.9 percentage points to 11.5%, 13%, and 12.6% respectively [1] - The gross profit margin for 2024 is projected to be 11% [1] Market Performance - The increase in target price and revenue forecasts is attributed to better-than-expected average selling prices of newly added projects in recent years [1]
大摩：升中国金茂(00817)目标价至1.32港元 上调销售及毛利率预测