Bank of America Merrill Lynch gives Jingtaifu a “Neutral” rating

Bank of America Merrill Lynch refers to the lack of visibility of the company’s earnings prospects, as the profit contribution from office sales decreased, with a related profit of 1.17 billion yuan in the fiscal year 2018 (RMB, the same below) and only expected in FY 2019. 80 million yuan. In addition, in the case of RMB depreciation, the company’s considerable external debt will be a risk worthy of attention. However, the company’s FY 2019 dividend yield is expected to be 7.5%, or it can support the stock price, so reiterate its “neutral” investment rating. As the profit forecast has been lowered, the target price has been lowered from the original 9.1 yuan to 8.2 yuan.