UPDATE: Goldman Sachs Raises PT on E-House (China) Holdings on 4Q12 Revenue
In a report published Wednesday, Goldman Sachs analyst Jacqueline Du reiterated her Neutral rating on E-House (China) Holdings (NYSE: EJ) and raised its price target to $4.60.
In the report, Du noted, “E-house (EJ) reported 4Q12 revenue of US$153mn, up 12% qoq and up 30% yoy, or 4% above GSe, mainly due to slightly stronger-than-expected primary sales in 4Q. Gross margin came in at 56%, in line. The company reported US$8mn Non-GAAP net loss vs. GSe of US$4mn net profit mainly due to lower-than-expected taxation benefits reported. Despite the loss, EJ declared a cash dividend of US$0.15 per ADS.”
E-House (China) Holdings closed on Tuesday at $4.89.
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