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Nomura ups R&F Properties (02777) to HK$19.14
Nomura lifted its target price for Guangzhou R&F Properties (02777) to HK$19.14 from HK$19
and maintained its "buy" rating.
  The research house said R&F's 9-month 2017 results show relatively mild revenue growth,
mainly due to uneven booking progress. For full-year FY2017, Nomura expects strong 
results, with revenue growing 13%, core earnings up 53%, and gross margin up to 36.8% from
28.3% in FY2016. 
  Nomura raised its FY2017-19 core earnings forecasts by 0% 2%/2%, after factoring in
faster sales and revenue booking from 2018 onwards, and higher gross margin assumptions.

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