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<Research>UBS Cuts TPs for CN Developers, Favors SEAZEN/ C&D INTL GROUP/ CHINA RES LAND
UBS released a research report forecasting that Chinese developers' profits will remain under pressure in 2025, with average YoY declines projected at 34%, primarily driven by ...
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<Research>UBS Cuts TPs for CN Developers, Favors SEAZEN/ C&D INTL GROUP/ CHINA RES LAND
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UBS released a research report forecasting that Chinese developers' profits will remain under pressure in 2025, with average YoY declines projected at 34%, primarily driven by narrowing gross margin and asset impairment.

The broker accordingly cut its target prices for several developers by an average of approx. 16%, and downgraded YUEXIU PROPERTY (00123.HK)  -0.030 (-0.804%)    Short selling $17.21M; Ratio 79.458%   from Buy to Neutral, with a target price of $4.4.

Related News BofAS Raises TP of CHINA RES LAND (01109.HK) to HKD43 as Last Year's Results Slightly Exceed Expectations
During the industry adjustment period, UBS favored developers with high-quality land reserves, adequate historical provisions and a higher proportion of recurring income. UBS' top picks are SEAZEN (01030.HK)  -0.010 (-0.481%)    Short selling $4.76M; Ratio 84.767%   , C&D INTL GROUP (01908.HK)  -0.210 (-1.583%)    Short selling $25.68M; Ratio 176.383%   and CHINA RES LAND (01109.HK)  -0.440 (-1.509%)    Short selling $140.83M; Ratio 176.222%   .

The report projected that, among covered developers, SEAZEN is expected to achieve 7% YoY profit growth in 2025 (as its profits are less impacted by property development operations); C&D INTL GROUP's profit is projected to largely maintain flattish with stable profit margin; CHINA RES LAND is estimated to see an 18% profit decline due to a higher base caused by one-off gains from its 2024 mall spin-off.

Other developers faced varying degrees of profit contraction, including: MERCHANTS SHEKOU (001979.SZ)  -0.210 (-2.580%)   / CHINA OVERSEAS (00688.HK)  -0.200 (-1.685%)    Short selling $98.88M; Ratio 118.852%   / CHINA JINMAO (00817.HK)  +0.010 (+0.758%)    Short selling $9.24M; Ratio 141.582%   / GREENTOWN CHINA (03900.HK)  -0.180 (-2.095%)    Short selling $30.16M; Ratio 53.741%   / POLY DEVELOPMENTS (600048.SH)  -0.190 (-3.333%)   are projected to fall 11%/ 18%/ 20%/ 75%/ 79%, while LONGFOR GROUP (00960.HK)  -0.290 (-3.666%)    Short selling $58.85M; Ratio 115.509%   is projected to swing from profit to loss, recording a 106% decline.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (A Shares quote is delayed for at least 15 mins.)

Related NewsYUEXIU PROPERTY (00123.HK) Full-Year Net Profit RMB55.062 Million, Down 94.7%, No Dividend

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