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Goldman Sachs raises Sino-Ocean to HK$7.3
Goldman Sachs raised its target price for
Sino-Ocean (03377) to HK$7.3 from HK$6.7, and maintained its "buy" rating.
  The research house revises up 2018E-2020E underlying EPS estimates for Sino-Ocean by 
10%/8%/9% (keeping its 2017E forecast unchanged) to reflect land acquisitions during 
Sept-Nov 2017, which have increased total landbank by 14% from the end-Aug level.
Correspondingly, Goldman Sachs revises up its end-18E NAV by 9% to HK$14.51.
  Goldman Sachs expects stronger sales growth and margin sustainability to lead to 17% 
underlying EPS CAGR during 2016-2019E vs. -4% during 2013-2016, which should support a 
narrowing of its valuation discount to the sector average.

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