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<Research> BofAS Expects CHINA OVERSEAS (00688.HK) Margin to Gradually Recover from 2H
BofAS published a report stating that CHINA OVERSEAS (00688.HK) recorded revenue of RMB37 billion in 1Q, up 1% YoY. However, operating profit fell 28% YoY to RMB4.1 billion, with o...
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<Research> BofAS Expects CHINA OVERSEAS (00688.HK) Margin to Gradually Recover from 2H
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BofAS published a report stating that CHINA OVERSEAS (00688.HK)  +0.410 (+2.563%)    Short selling $139.92M; Ratio 22.253%   recorded revenue of RMB37 billion in 1Q, up 1% YoY. However, operating profit fell 28% YoY to RMB4.1 billion, with operating margin declining to 11%, down 430 bps YoY, mainly due to a high base in the same period last year.

BofAS estimated that CHINA OVERSEAS' overall gross margin in 1Q was about 14%, of which the property development segment posted a gross margin of about 12.5%, lower than last year's overall 15.5% and 13.9% for the development segment. The broker believes the company recognized a higher proportion of older projects in 1Q, which dragged on gross margin performance.

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BofAS reiterated its Buy rating on CHINA OVERSEAS with a TP of HKD14.5, expecting margins to gradually recover from 2H as the project recognition mix normalizes. Looking ahead, the broker is optimistic about earnings recovery potential in FY2027, mainly driven by solid profitability from recently added land reserves. In addition, the company has ample saleable resources and is well positioned to benefit as the property market begins to recover. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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