UBS Analyst Who Took On Evergrande Now Bullish on China Property [BNN Bloomberg (Canada)]
LONGFOR GRP HLD UNSP/ADR (LGFRY)
NASDAQ:AMEX Investor Relations:
longfor.com/en/investor
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Source: BNN Bloomberg
The UBS analyst shocked markets three years ago with a rare sell rating on China Evergrande Group, 11 months before it defaulted and became the poster child for the property collapse. Now Lam is going against the grain again, forecasting a gradual recovery in a moribund market that most analysts say hasn't hit bottom. “After three years of being bearish, we're turning more positive on the China property sector for the first time due to government aid,” Lam, the head of China and Hong Kong property research at UBS Group AG, said in an interview in Hong Kong. Lam predicts home demand and supply will return to historical averages sometime next year, and developers with sizable portfolios in 21 major cities will likely see their stocks rebound. He upgraded several companies, including Longfor Group Holdings Ltd., to buy in January. And just as he did on Evergrande in 2021, Lam is combining a deep data dive with his own gut feeling to make the unconventional bet on China's housing s
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