DBS Vickers Securities stated in its research report that Sino-Ocean Land Holdings Limited (HKG:3377) will record RMB5 billion of sales in June, driven by the new launches in Beijing, Dalian and Fushun. It is expected the company will lock in 47% of 2012 sales target in the first half of the year. The brokerage has upgraded the stock rating of the company to Buy with an upward revision of target price from HK$4.33 to HK$4.96 to reflect improved sales and potentially better margins.

DBS Vickers Securities also expected that further price cuts are unlikely and it raised the company's earnings estimates for 2012 and 2013 by 4% and 10% respectively to factor in better than expected sales and margins. The brokerage expected that the earnings per share for 2012 and 2013 will be RMB0.33 and RMB0.38 respectively while the core net profits are expected to reach RMB1.837 billion and RMB2.116 billion respectively.

Source:chinesestock.org