Citigroup: profit recovery at CH OVS G OCEANS (00081), target price slightly lowered to HKD 2.68, rated as "Buy"
Management indicates that sales will increase this year. The existing available resources amount to approximately 82 billion RMB, with a total land reserve of around 110 billion RMB.
Citigroup released a research report stating that CH OVS G OCEANS (00081), as a medium-sized real estate company, is focusing on increasing its market share in core cities, with a target to increase it from the current 8% to 10%. The company is currently the sales champion in 7 cities and ranks in the top three in 21 cities. The bank maintains a "buy" rating on China Overseas Grand Oceans, with a target price slightly lowered from 2.7 HKD to 2.68 HKD, believing that the company's profit has recovered last year and its profitability has improved.
The sales gross profit margin of China Overseas Grand Oceans' new projects after 2022 reached 19%, higher than the accounted gross profit margin of 8.7% in 2025. In addition, the company actively acquired land last year, with an internal rate of return (IRR) of 120% and fast asset turnover. Management expects sales to grow this year, with approximately 82 billion RMB in available resources and a total land reserve of around 110 billion RMB.
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