Greentown China rose 2% Credit Suisse target price nearly three times times to 11.7 yuan

Executives disclosed that the Green China, which has been selling persistently hot and proposed special dividends this year, opened 1.82% to HK $11.2 this morning, trading 17,000 shares.　　Credit Suisse issued a report saying it had raised its rating from a weaker market to a neutral size; the target price has been substantially raised from HK $3.2 to HK $11.7, as a result of an increase in the expected value of net worth and a reduction in the discount to 30% per cent of the target price over the net asset value, at a price premium of 4.5%. According to Credit Suisse, as sales have been strong in the past two months, the annual sales of Greentown are expected to be raised from RMB 16 billion to 21 billion yuan. Backed by strong sales growth, the company's net debt ratio is expected to fall from 172% in 2008 to 143%. It then raised its earnings forecasts for fiscal year 2009 and 2010, respectively, by 38% and 27% per share, based on the new average selling price and new sales targets.