Diversifying healthily
? CIFI’s core profit in FY21 was down by 9% and largely in-line with our
estimate. It declared 4-for-100 bonus share distribution apart from cash DPS.
? Management reiterated its target of increasing attributable stake of
contracted sales to 70% in 5-10 years, to improve earnings quality.
? It has recently tapped into bond markets and secured M&A facilities from
Chinese banks. Reiterate Add with a lower SOP-based TP of HK$6.0.