Entering survival mode
- In search of refinancing channels to replenish near-term liquidity at all costs
- Fundamental supports from a potential physical market recovery in 4Q22 may be less than the market’s current expectations
- Cut FY22-23F earnings by 33%-37% to reflect slower presales growth and gross margin assumptions
- Downgrade to HOLD, with TP trimmed to HK$2.17/sh
