by winston » Mon Nov 01, 2010 11:13 am
Not vested. From Phillips:-
Risks
The sales volume is lower than the expectation.
This round of regulation on the real estate sector is longer than the expectation and stricter measures are adopted.
Evaluation
At present, the reason for a high stock price of C.C. Land is that the Company has increased greatly its revenue and gross profit margin from 2011 to 2012.
According to our expectation, the net profit from 2010 to 2011 will reach hopefully HKD85million and HKD450million, but the performance visibility for 2012 is limited.
According to the evaluation of regional real estate developers, we think that C.C. Land is still overvalued and our 12-month target price is HKD2.6. We give it a “Hold†rating.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"