Trilogy - Bornite, page-102

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    more positive news
    China Property: Signs of an inflection point; upgrade regional developers to Buy. After four years of property downturns, there are growing signs of market stabilisation in tier-1 and core tier-2 cities. These include a recovery in existing property transactions in 2M25 with no policy easing (Figure 3), inventory months falling to below-average levels in tier-1 cities, rising land auction premiums and stabilising secondary listings. These are similar to the signs seen at the 2014-15 cycle's inflection point. After the relaxation of price cap measures in mid-2024, we think developers are more motivated to improve product quality, increasing their differentiation with neighbouring secondary properties. We raise 2025E-26E new home sales by 7-16% and existing home sales by 7-10%, and now expect national price stabilisation by early 2026 (previously mid-2026). We upgrade Greentown China, Yuexiu Property and C&D International to Buy on their higher exposure to tier-1/core tier-2 cities. We also like Kerry Properties and Swire Properties on their higher exposure to Shanghai's luxury residential market. Source: UBS.
 
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Last
$3.05
Change
-0.020(0.65%)
Mkt cap ! $13.73B
Open High Low Value Volume
$3.02 $3.07 $2.99 $53.44M 17.65M

Buyers (Bids)

No. Vol. Price($)
3 16788 $3.05
 

Sellers (Offers)

Price($) Vol. No.
$3.06 5577 4
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Last trade - 16.10pm 12/08/2025 (20 minute delay) ?
S32 (ASX) Chart
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