Core Viewpoint - Morgan Stanley has raised the target price for China Jinmao (00817) from HKD 1.20 to HKD 1.32, maintaining a "Market Perform" rating due to strong property sales growth in the first nine months of the year [1] Group 1: Financial Performance - The company's property sales for the first nine months increased by 27% year-on-year [1] - Morgan Stanley has adjusted its full-year revenue forecast upward by 11% to RMB 118 billion, indicating a year-on-year growth of 20% [1] Group 2: Future Projections - Revenue forecasts for 2025 to 2027 have been increased by 6%, 10%, and 11% respectively [1] - 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, compared to 11% in 2024 [1] - The better-than-expected average selling price performance of new projects in recent years has contributed to these adjustments [1]
大摩：升中国金茂目标价至1.32港元 上调销售及毛利率预测