CICC: Maintains a Outperform rating for Greentown China Holdings Limited (03900.HK) with a target price of HK$13.

According to the Zhixintong Financial APP, CICC released a research report stating that, considering the pressure faced by Greentown China (03900.HK) in terms of settlement gross profit margin and impairment, the profit forecast for 2025/2026 was lowered by 58%/25% to 500 million/1.2 billion yuan, corresponding to a yoy change of -68%/+132%. The rating of outperforming the industry was maintained, considering changes in market risk preferences, and the target price was maintained at 13.0 Hong Kong dollars (corresponding to 0.8/0.8 times 2025/26 P/B and 20% upside potential), while the current stock price is trading at 0.7/0.7 times 2025/26 P/B.