Evergrande's Share Price Made a Record of 4.08HKD on April 1, Up 11%

BEIJING, April 1, 2014 /PRNewswire/ -- On April 1, the share price of Evergrande soared to HKD 4.08, up 11.48%, and the turnover was as high as 264 million shares with trading amount up to HKD 1.035 billion. An original report by Sina Leju follows:

As Evergrade's annual performance in 2013 published on March 31 showed, its net core profit totaled RMB 10.3 billion, up 66% and far beyond market expectations. In addition, the total assets of Evergrande was RMB 348.15 billion, up 45.7% year-on-year; operating income was RMB 93.67 billion, up 43.5% year-on-year; net profit was RMB 13.17 billion, up 49.3% year-on-year; gross profit rate rose up to 29.5% in 2013 from 27.9% in 2012; the profit rate of core business rose up to 11% in 2013 from 9.5% in 2012; and the earnings per share is RMB 0.789, up 28.7% year-on-year.

Owing to Evergrande's great performance in terms of business performance, profit increase, stable financial status, and regional arrangement, many investors at home and abroad laid an optimistic view on it. 

According to a survey released by Daiwa Institute of Research on April 1, Evergrade's net core profit totaled RMB 10.3 billion, up 66% and far beyond market expectations, the Institute will regulate its profit forecast on Evergrande for this year and next year from 20% to 38%, and also raise up the target price from RMB 3.8 to RMB 4.6, up 21%. Therefore, Evergrande can be applied for "buying" rating again.

In the same day, Goldman Sachs also said that, Evergrade's net core profit totaled RMB 10.3 billion, up 66%, which was more than the expectations of UBS (19%) and the market (21%). In 2013, Evergrande's sales volume amounted to RMB 93.7 billion, up 44%, which was also beyond the expectations of UBS. Furthermore, UBS published a report also on April 1 to regulate its profit forecast on Evergrande for this year and next year to 3% and 4%.

SOURCE Sina Leju