国泰君安证券(香港)：建业新生活（09983）港股公司研究报告-ConcernonRelated-PartyRiskMayContinue,"Neutral"

建业新生活(09983) Downgradeto"Neutral"withTPofHK$2.30.WebelievethemarketconcernonCCNL’srelated-partyriskremains,especiallyconsideringthat1)theliquiditycrisisforitsrelateddevelopermaylastforalongertime;and2)weakpropertysalesperformancecontinuesinHenan.Weforecastlossin2023FwithEPSat-RMB0.021.WealsorevisedownourforecastsontheCompany’s2024Fand2025FEPStobeRMB0.405andRMB0.462.WederiveourHK$2.30TPforCCNLbyapplying5.2x2024FPE.Hence,wedowngradeourinvestmentratingto"Neutral". Disappointing1H2023resultsmainlydu