Oppenheimer Maintains an 'Outperform' on E-House (China) Holding (EJ); Q2 Strong, But...

August 17, 2012 10:42 AM EDT Send to a Friend
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Price: $9.50 -3.94%

Rating Summary:
    4 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 17 | New: 2
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Oppenheimer maintains an 'Outperform' on E-House (China) Holdings Ltd (NYSE: EJ) price target of $10.00.

Analyst, Ella Ji, said, "We have net positive takeaways from EJ's 2Q12 earnings results/conf. call. Non-GAAP EPS of $0.06 beat our $0.03E mainly on a tax benefit.
Rev. of $114M also exceeded our est. by 10%, but was largely offset by higher than expected operating expenses. Most importantly, mgmt confirmed the upward trend on China's property market and expected healthy performance in 2H. It maintained full-year revenue guidance given that the land acquisition market remains slow, although we anticipate it to gradually pick up as well. While we downwardly adjust our margins & EPS ests, we believe EJ will trend favorably along with continuous good news from the market, which has been the most significant catalyst for the stock."

FY12 EPS estimate lowered from $0.36 to $0.13 and FY13 from $0.85 to $0.50.

For an analyst ratings summary and ratings history on E-House (China) Holdings Ltd click here. For more ratings news on E-House (China) Holdings Ltd click here.

Shares of E-House (China) Holdings Ltd closed at $5.59 yesterday.


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