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00123
YUEXIU PROPERTY
HKD
4.740-0.030
(-0.63%)
1D
AI Analysis for 00123
AI Analysis
High
4.780
Open
4.760
VWAP
4.73
Vol
13.37M
Mkt Cap
17.71B
Low
4.680
Amount
63.26M
EV/EBITDA(TTM)
26.21
Total Shares
4.03B
EV
18.76B
EV/OCF(TTM)
6.81
P/S(TTM)
0.18
Yuexiu Property Co Ltd is a company principally engaged in the property business. The Company operates through four segments. The Property Development segment is mainly engaged in the sales of property development units. The Property Management segment is mainly engaged in the provision of property management services. The Property Investment segment is mainly engaged in the property rental business. The Others segment is mainly engaged in the provision of real estate agencies, decoration services and others.
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News
4.5
02-04aastocksHSI Gains 12 Points, Yet Software Stocks and Dotcoms Decline; Coal and Chinese Developers Surge
Market Performance: The HSI closed slightly up at 26,847, while the HSCEI and HSTECH saw minor declines, with total market turnover dropping to $285.433 billion.
Sector Struggles: Software and dotcom sectors faced significant losses, with major companies like TENCENT and MEITU experiencing declines of 3.96% and 11.4%, respectively.
Resource Stocks Rise: Gold and silver prices rebounded, with companies like CHINAGOLDINTL and ZHAOJIN MINING seeing gains, while coal stocks like YANKUANG ENERGY surged by over 10%.
Financial Sector Movements: HSBC and AIA saw slight increases, while HKEX experienced a minor decline; Chinese property developers generally performed well, with several stocks rising between 5% and 10%.
7.0
02-02aastocksCICC Anticipates Continued Pressure on CN Developers' 2025 Earnings; CHINA RES LAND, CHINA OVERSEAS, and C&D INTL GROUP Maintain Significant Profit Levels
Earnings Forecast: China's real estate sector is expected to see a significant decline in earnings for covered companies in 2025, with firms like CHINA RES LAND, CHINA OVERSEAS, and C&D INTL GROUP projected to experience a 15-20% year-on-year decrease.
Market Sentiment: Despite the anticipated earnings drop, CICC maintains a positive outlook on the real estate sector for 2023, suggesting potential for positive returns and good value in stock selection for 2026.
Company Performance: Some companies, including GREENTOWN CHINA and YUEXIU PROPERTY, may report marginal profits, while others like LONGFOR GROUP and URBAN CONS DEV could face slight losses, with a few firms expected to see steady core profits.
Stock Ratings: CICC has kept its ratings and target prices unchanged for various Chinese developers, highlighting stocks such as BINJIANG GP and SEAZEN HOLDINGS as outperformers in the market.
6.5
01-30aastocks<M Stanley Research>: Recent Growth in China's Property Market May Not Last; Home Sales and Prices Expected to Decline in the Coming Months
Market Sentiment and Predictions: Morgan Stanley attributes the recent rise in Chinese property developers to improved investor sentiment and increased residential sales, but warns that optimism may be misplaced as seasonal factors and policy effects could lead to a decline in sales and property prices.
Investment Ratings Overview: The report includes investment ratings and target prices for various Chinese property developers, indicating a mix of "Overweight," "Equalweight," and "Underweight" ratings based on their performance and market conditions.
Impact of Lunar New Year: The firm anticipates that the upcoming Lunar New Year holiday will negatively impact residential sales, further complicating the market recovery.
Policy Stimulus Likelihood: With the recent uptick in sales in Tier 1 cities, the chances of additional policy stimulus to support the property market are considered to be diminishing.
4.0
01-30aastocksCiti's Ratings and Target Prices for Chinese Developers (Table)
Citi's Ratings for Chinese Property Developers: Citi has provided investment ratings and target prices for various Chinese property developers, with ratings ranging from "Buy" to "Sell/High Risk" based on their performance and short selling ratios.
Target Prices Overview: Target prices for selected developers include Agile Group at HKD 0.53, C&D International Group at HKD 22.5, and China Overseas at HKD 17.2, reflecting varying levels of investor confidence.
Citi's Ratings for Brokerage Platforms: The investment ratings for Chinese brokerage platforms and project managers also indicate a "Buy" recommendation for companies like KE Holdings and Greentown Management, with target prices set at USD 22.6 and HKD 3.45, respectively.
Market Reactions and Short Selling: The report highlights significant short selling activity across various stocks, indicating market volatility and investor caution, particularly in the context of the Chinese real estate sector.
8.0
01-30aastocksDaiwa: 'Three Red Lines' Phase-out Provides Minimal Enhancement to Credit Conditions in China's Property Sector
Chinese Property Developer Stocks Rally: Stocks of Chinese property developers surged following reports that authorities will no longer require the monthly "Three Red Lines" reports, which were initially aimed at controlling excessive debt.
Impact of "Three Red Lines" Policy: Daiwa noted that the "Three Red Lines" policy has become irrelevant to most developers' financing, as bond issuance remains frozen for many, pushing developers to rely on operational loans.
Normalization Signs in Credit Environment: Despite the limited improvement from the removal of the "Three Red Lines," there are signs of normalization in the credit environment, highlighted by successful offshore bond issuances from several developers.
Market Sentiment and Future Outlook: Analysts, including those from JPM, remain optimistic about the Chinese property sector's performance, expecting it to continue outperforming until April.
Money Flow
Over the past 66 trading days, overall net money flow is 60.57M, with retail investors contributing 2.28M and major investors adding 85.75M.
Net Buy $ Volume
Net Sell $ Volume
Morgan Stanley
Morgan Stanley
maintain
2026-01-30
Reason
The analyst rating from Morgan Stanley reflects a cautious outlook on the Chinese property developers, primarily due to the following reasons:
1. Overly Optimistic Investor Sentiment: The broker believes that investors are being too optimistic about the recovery of the market, which may not be sustainable.
2. Diminishing Effects of Policies: Morgan Stanley anticipates that the positive effects of recent policies aimed at boosting the property market will diminish over time.
3. Seasonal Factors: The upcoming Lunar New Year holiday is expected to lead to a decline in residential sales in the coming months, which could negatively impact the market.
4. Potential Decline in Property Prices: There is a concern that property prices may accelerate their decline, further affecting the market.
5. Reduced Likelihood of Policy Stimulus: The recent improvement in residential sales volume in Tier 1 cities suggests that the need for additional policy stimulus may be lessened, which could limit further support for the market.
These factors contribute to the mixed ratings assigned to various Chinese property developers, with some being rated as "Overweight," "Equalweight," or "Underweight" based on their expected performance in the current market conditions.
Morgan Stanley
Price Target
2026-01-30
maintain
The analyst rating from Morgan Stanley reflects a cautious outlook on the Chinese property developers, primarily due to the following reasons:
1. Overly Optimistic Investor Sentiment: The broker believes that investors are being too optimistic about the recovery of the market, which may not be sustainable.
2. Diminishing Effects of Policies: Morgan Stanley anticipates that the positive effects of recent policies aimed at boosting the property market will diminish over time.
3. Seasonal Factors: The upcoming Lunar New Year holiday is expected to lead to a decline in residential sales in the coming months, which could negatively impact the market.
4. Potential Decline in Property Prices: There is a concern that property prices may accelerate their decline, further affecting the market.
5. Reduced Likelihood of Policy Stimulus: The recent improvement in residential sales volume in Tier 1 cities suggests that the need for additional policy stimulus may be lessened, which could limit further support for the market.
These factors contribute to the mixed ratings assigned to various Chinese property developers, with some being rated as "Overweight," "Equalweight," or "Underweight" based on their expected performance in the current market conditions.
Buy -> Neutral
downgrade
2026-01-26
Reason
The analyst rating for CHINA RES LAND (01109.HK) is "Buy," with a target price (TP) adjustment from 42 to 36 HK$. The rating reflects a positive outlook despite a recent decline in stock price (-0.220 or -0.780%) and significant short selling activity, with a ratio of 17.129% and short selling amounting to $143.26 million. The overall sentiment suggests that analysts believe the stock has potential for recovery or growth, warranting a "Buy" recommendation.
Buy -> Neutral
Price Target
2026-01-26
downgrade
The analyst rating for CHINA RES LAND (01109.HK) is "Buy," with a target price (TP) adjustment from 42 to 36 HK$. The rating reflects a positive outlook despite a recent decline in stock price (-0.220 or -0.780%) and significant short selling activity, with a ratio of 17.129% and short selling amounting to $143.26 million. The overall sentiment suggests that analysts believe the stock has potential for recovery or growth, warranting a "Buy" recommendation.
UBS
UBS
Buy
to
Neutral
downgrade
2026-01-26
Reason
The analyst rating from UBS was downgraded for YUEXIU PROPERTY from Buy to Neutral, with a target price of $4.4, due to the forecast that Chinese developers' profits will remain under pressure in 2025. The report projects an average year-over-year profit decline of 34% for developers, primarily driven by narrowing gross margins and asset impairment. This negative outlook on profitability led to the reduction in target prices for several developers by an average of approximately 16%.
UBS
Buy
to
Neutral
Price Target
2026-01-26
downgrade
The analyst rating from UBS was downgraded for YUEXIU PROPERTY from Buy to Neutral, with a target price of $4.4, due to the forecast that Chinese developers' profits will remain under pressure in 2025. The report projects an average year-over-year profit decline of 34% for developers, primarily driven by narrowing gross margins and asset impairment. This negative outlook on profitability led to the reduction in target prices for several developers by an average of approximately 16%.
BofA Securities
BofA Securities
Buy
downgrade
$5
2026-01-20
Reason
The analyst rating from BofA Securities is influenced by concerns that the Ministry of Finance may not prioritize mortgage subsidies, which could limit their effectiveness in changing buyer expectations. Despite this, the broker believes that coordinated policies from the central government could provide a strong positive signal, especially as current macro indicators have weakened to levels that historically trigger policy responses. Consequently, BofA Securities prefers developers with better asset quality that can sustain growth in net asset value, leading to a "Buy" rating for several companies, including CHINA RES LAND, CHINA OVERSEAS, and C&D INTL GROUP. They also maintained a "Buy" rating for YUEXIU PROPERTY, albeit with a reduced target price.
BofA Securities
Buy
Price Target
$5
2026-01-20
downgrade
The analyst rating from BofA Securities is influenced by concerns that the Ministry of Finance may not prioritize mortgage subsidies, which could limit their effectiveness in changing buyer expectations. Despite this, the broker believes that coordinated policies from the central government could provide a strong positive signal, especially as current macro indicators have weakened to levels that historically trigger policy responses. Consequently, BofA Securities prefers developers with better asset quality that can sustain growth in net asset value, leading to a "Buy" rating for several companies, including CHINA RES LAND, CHINA OVERSEAS, and C&D INTL GROUP. They also maintained a "Buy" rating for YUEXIU PROPERTY, albeit with a reduced target price.
Morgan Stanley
Morgan Stanley
maintain
2025-11-05
Reason
The analyst rating from Morgan Stanley is influenced by several factors:
1. Market Sentiment: The significant decline in sales and the acceleration of second-hand home price declines in major cities in mainland China are contributing to a negative market sentiment. The large volume of second-hand property listings is expected to continue suppressing this sentiment, impacting property sales and prices for the remainder of the year.
2. Cautious View on the Market: Morgan Stanley maintains a cautious outlook on the overall physical property market due to the cooling of short-term stimulus expectations and weak sales.
3. Opportunities in Quality SOEs: Despite the cautious view, the report suggests that the recent industry pullback may present a good entry opportunity for quality state-owned enterprises (SOEs), which are seen as long-term market consolidators with attractive dividend yields.
4. Prudence on Private Enterprises: The broker expresses a more prudent stance on private enterprises, citing concerns over their aging and depleting land reserves, which may limit their sales and profitability in the long term.
5. Optimism for Specific Companies: Morgan Stanley is optimistic about specific companies like CHINA RES LAND and C&D INTL GROUP, viewing them as potential outperformers due to their strong market positions and dividend yields. They also see potential for companies like CHINA OVERSEAS, CHINA JINMAO, and YUEXIU PROPERTY to outperform peers in the upcoming quarter based on potentially stronger sales performance.
Overall, the rating reflects a cautious but selective optimism, focusing on quality SOEs while being wary of the broader market challenges.
Morgan Stanley
Price Target
2025-11-05
maintain
The analyst rating from Morgan Stanley is influenced by several factors:
1. Market Sentiment: The significant decline in sales and the acceleration of second-hand home price declines in major cities in mainland China are contributing to a negative market sentiment. The large volume of second-hand property listings is expected to continue suppressing this sentiment, impacting property sales and prices for the remainder of the year.
2. Cautious View on the Market: Morgan Stanley maintains a cautious outlook on the overall physical property market due to the cooling of short-term stimulus expectations and weak sales.
3. Opportunities in Quality SOEs: Despite the cautious view, the report suggests that the recent industry pullback may present a good entry opportunity for quality state-owned enterprises (SOEs), which are seen as long-term market consolidators with attractive dividend yields.
4. Prudence on Private Enterprises: The broker expresses a more prudent stance on private enterprises, citing concerns over their aging and depleting land reserves, which may limit their sales and profitability in the long term.
5. Optimism for Specific Companies: Morgan Stanley is optimistic about specific companies like CHINA RES LAND and C&D INTL GROUP, viewing them as potential outperformers due to their strong market positions and dividend yields. They also see potential for companies like CHINA OVERSEAS, CHINA JINMAO, and YUEXIU PROPERTY to outperform peers in the upcoming quarter based on potentially stronger sales performance.
Overall, the rating reflects a cautious but selective optimism, focusing on quality SOEs while being wary of the broader market challenges.
Morgan Stanley
maintain
2025-11-05
Reason
The analyst rating from Morgan Stanley is influenced by several factors:
1. Market Sentiment: The significant decline in sales and the acceleration of second-hand home price declines in major cities in mainland China are contributing to a negative market sentiment. The large volume of second-hand property listings is expected to continue suppressing this sentiment, impacting property sales and prices for the remainder of the year.
2. Cautious View on the Overall Market: Morgan Stanley maintains a cautious outlook on the overall physical property market due to the cooling of short-term stimulus expectations and weak sales.
3. Opportunities for Quality SOEs: Despite the cautious view, the report suggests that the current industry pullback may present a good entry opportunity for quality state-owned enterprises (SOEs), which are seen as long-term market consolidators with attractive dividend yields.
4. Prudence on Private Enterprises: The broker expresses a more prudent stance on private enterprises, citing concerns over their aging and depleting land reserves, which may limit their sales and profitability in the long term.
5. Optimism for Specific Companies: Morgan Stanley is optimistic about specific companies like CHINA RES LAND and C&D INTL GROUP, viewing them as potential outperformers due to their strong market positions and dividend yields. They also see potential for companies like CHINA OVERSEAS, CHINA JINMAO, and YUEXIU PROPERTY to outperform peers in the upcoming quarter based on potentially stronger sales performance.
Overall, the rating reflects a cautious but selective optimism, focusing on quality SOEs while being wary of the broader market conditions affecting private enterprises.
Morgan Stanley
Price Target
2025-11-05
maintain
The analyst rating from Morgan Stanley is influenced by several factors:
1. Market Sentiment: The significant decline in sales and the acceleration of second-hand home price declines in major cities in mainland China are contributing to a negative market sentiment. The large volume of second-hand property listings is expected to continue suppressing this sentiment, impacting property sales and prices for the remainder of the year.
2. Cautious View on the Overall Market: Morgan Stanley maintains a cautious outlook on the overall physical property market due to the cooling of short-term stimulus expectations and weak sales.
3. Opportunities for Quality SOEs: Despite the cautious view, the report suggests that the current industry pullback may present a good entry opportunity for quality state-owned enterprises (SOEs), which are seen as long-term market consolidators with attractive dividend yields.
4. Prudence on Private Enterprises: The broker expresses a more prudent stance on private enterprises, citing concerns over their aging and depleting land reserves, which may limit their sales and profitability in the long term.
5. Optimism for Specific Companies: Morgan Stanley is optimistic about specific companies like CHINA RES LAND and C&D INTL GROUP, viewing them as potential outperformers due to their strong market positions and dividend yields. They also see potential for companies like CHINA OVERSEAS, CHINA JINMAO, and YUEXIU PROPERTY to outperform peers in the upcoming quarter based on potentially stronger sales performance.
Overall, the rating reflects a cautious but selective optimism, focusing on quality SOEs while being wary of the broader market conditions affecting private enterprises.
HSBC
HSBC Global Research
maintain
2025-10-23
Reason
The analyst rating from HSBC Global Research is based on an optimistic outlook for the profit recovery of major Chinese property developers by 2026. The report highlights an expected increase in normalized profit calculations and improved margins for these developers. HSBC specifically favors stocks like CHINA RES LAND, C&D INTL GROUP, and SEAZEN, all rated as "Buy," due to their anticipated earnings growth above pre-crisis levels. The positive sentiment is further supported by the expectation of increased market share for leading developers and a growing interest in the C-REIT market, which could enhance investor engagement in the sector.
HSBC
Price Target
2025-10-23
maintain
The analyst rating from HSBC Global Research is based on an optimistic outlook for the profit recovery of major Chinese property developers by 2026. The report highlights an expected increase in normalized profit calculations and improved margins for these developers. HSBC specifically favors stocks like CHINA RES LAND, C&D INTL GROUP, and SEAZEN, all rated as "Buy," due to their anticipated earnings growth above pre-crisis levels. The positive sentiment is further supported by the expectation of increased market share for leading developers and a growing interest in the C-REIT market, which could enhance investor engagement in the sector.
Citi
Buy
maintain
$6.2
2025-08-27
Reason
Citi
Buy
Price Target
$6.2
2025-08-27
maintain
Citi
Buy
maintain
2025-08-27
Reason
The analyst rating from Citi for YUEXIU PROPERTY is positive, maintaining a Buy rating and raising the target price from HKD 5.45 to HKD 6.2. The reasons for this upbeat outlook include:
1. An 11% year-over-year increase in 1H25 sales, achieving 51% of its annual target.
2. Strong sales performance, ranking first in Beijing and second in Guangzhou, with accelerated sales in Shanghai and Hangzhou.
3. Successful replenishment of high-quality land and maintenance of stable gross margins.
4. Reduction of inventory levels.
5. Lowered financing costs to 3.16%, which contributed to an upgraded credit rating outlook.
6. Stabilization of the dividend payout ratio at 40%.
These factors collectively indicate a strong operational performance and a positive future outlook for the company.
Citi
Buy
Price Target
2025-08-27
maintain
The analyst rating from Citi for YUEXIU PROPERTY is positive, maintaining a Buy rating and raising the target price from HKD 5.45 to HKD 6.2. The reasons for this upbeat outlook include:
1. An 11% year-over-year increase in 1H25 sales, achieving 51% of its annual target.
2. Strong sales performance, ranking first in Beijing and second in Guangzhou, with accelerated sales in Shanghai and Hangzhou.
3. Successful replenishment of high-quality land and maintenance of stable gross margins.
4. Reduction of inventory levels.
5. Lowered financing costs to 3.16%, which contributed to an upgraded credit rating outlook.
6. Stabilization of the dividend payout ratio at 40%.
These factors collectively indicate a strong operational performance and a positive future outlook for the company.
HSBC Global Research
HSBC Global Research
Hold
downgrade
2025-08-27
Reason
HSBC Global Research
Hold
Price Target
2025-08-27
downgrade
Valuation Metrics
Forward PE
5Y Average PE
7.19
Current PE
10.04
Overvalued PE
9.82
Undervalued PE
4.56
Forward EV/EBITDA
5Y Average EV/EBITDA
14.30
Current EV/EBITDA
23.42
Overvalued EV/EBITDA
20.52
Undervalued EV/EBITDA
8.09
Forward PS
5Y Average PS
0.30
Current PS
0.17
Overvalued PS
0.38
Undervalued PS
0.21
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