20150612-JEFFERIES-龙湖地产(0960):RE-RATING_TREND_TO_CONTINUE;REITERATE_BUY-676564

$龙湖地产(hk00960)$  
Longfor share re-rating is largely due to its timely adjustment in business model and prudent financial management despite high market volatility,in our view. We expect additional upside will be driven by:1)upcoming increase in sales,2)further reduction in funding cost to 6%,and 3)higher sales visibility and margin recovery through upgrading land bank.With such a high-quality credit profile,valuation is undemanding at 35% NAV disc/8.4x PE.Reit.Buy.
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*声明:文章为作者独立观点,不代表格隆汇立场

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