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国泰君安(HK)8月23日发布公告。Downgrade to "Neutral" with TP of HK$2.30. We believe the market concern on CCNL’s related-party risk remains, especially considering that1) the liquidity crisis for its related developer may last for a longer time; and2) weak property sales performance continues in Henan. We forecast loss in2023F with EPS at -RMB0.021. We also revise down our forecasts on the Company’s2024F and2025F EPS to be RMB0.405and RMB0.462. We derive our HK$2.30TP for CCNL by applying5.2x2024F PE. Hence, we downgrade our investment rating to "Neutral".

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