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<Research> JPM Maintains CHINA OVERSEAS (00688.HK) Overweight, TP HKD16.5
JPMorgan published a research report stating that CHINA OVERSEAS (00688.HK) recorded a YoY increase of 11% in contracted sales in 1Q, making it one of the few major mainland proper...
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<Research> JPM Maintains CHINA OVERSEAS (00688.HK) Overweight, TP HKD16.5
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JPMorgan published a research report stating that CHINA OVERSEAS (00688.HK)  +0.410 (+2.563%)    Short selling $139.92M; Ratio 22.253%   recorded a YoY increase of 11% in contracted sales in 1Q, making it one of the few major mainland property developers to achieve positive growth and outperform other state-owned peers. The bank believes contracted sales momentum is a stronger driver of the share price and is positive on CHINA OVERSEAS risk-reward profile, viewing it as one of the laggard liquidity plays in the sector. The current price is equivalent to a 2026 forecast price-to-book ratio of 0.3x.

During the period, revenue rose 1% YoY, while operating profit fell 28% YoY. Operating margin declined from 15.4% in the same period last year to 11.1%, but remained broadly stable QoQ. The bank said the decline in operating margin was not a surprise, as management had previously expected a mild drop in gross margin due to inventory projects. Given that only limited high-level data were disclosed for the quarter and that 1Q deliveries typically account for only 15% to 20% of the full year, the bank believes the 1Q results have limited reference value for full-year trends.

Related News Citi Lifts CN Home Sector to Positive on Strong May Day Sales; Top Picks CHINA OVERSEAS (00688.HK), CHINA JINMAO (00817.HK)
Land acquisitions slowed in 1Q, with only three land parcels acquired, totaling RMB2.1 billion, down 92% YoY. However, the bank is not overly concerned, noting CHINA OVERSEAS solid track record in land acquisition timing. It expects the companys active land bank expansion in 2025 to provide sufficient saleable resources for new project launches in 2026. JPM maintains its Overweight rating on CHINA OVERSEAS with a TP of HKD16.5. (ec/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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