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Morgan raises Evergrande (03333) to HK$29.5
Morgan Stanley raised its target price for Evergrande Real Estate (03333) to
HK$29.5 from HK$23.2, and maintained its "equal-weight" rating. 

  Evergrande announced its third round of strategic investment of Rmb60bn. The research 
house estimated that Evergrande's net debt to equity ratio will drop from 240% as of June 
2017 to 151% on a pro forma basis.
  Per Morgan's conversation with the company, it still aims to submit the A-share 
restructuring proposal by the end of 2017 and await CSRC approval.
  Morgan said the price target hike reflects a higher NAV estimate for property 
development factoring in the third-round strategic investment of Rmb60bn and appreciation 
in market value of stakes in other businesses.

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