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DBS: China Overseas Grand Oceans Group – Buy Target Price HK$4.08

Posted on September 20, 2022September 20, 2022 By alanyeo No Comments on DBS: China Overseas Grand Oceans Group – Buy Target Price HK$4.08
A grossly underappreciated name
  • Weak near-term presales well factored in share price trading at c.3x FY23F PE, on par with surviving POEs and at a deep discount to SOE peers
  • Attractive dividend yield of 7.5% in FY22F and >6% in FY23-24F despite near-term headwinds on earnings outlook
  • Cut FY22-23F earnings by 22-33% to reflect weaker presales outlook and lower margin assumptions
  • Maintain BUY with TP of HK$4.08/sh
China-Overseas-Grand-Oceans-Group_20-Sep-2022_HK_CUClick here to Download Full Report in PDF

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Research - Equities Tags:China Overseas Grand Oceans Group Ltd, COGO

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