JP Morgan lowers BBMG Corp target price, China

JP Morgan has lowered its target price for BBMG Corp to HK$5.5 from HK$6.3 and maintained its ‘neutral’ rating.

The research house says the weakness in the cement business was offset by BBMG’s robust property development business where revenue and gross profit both saw 42-44 per cent YoY growth.

JP Morgan expects the stock to continue trading sideways although it might outperform its cement peers due to its property exposure. (Source: ET News Agency).