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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Stocks, FX rise as mood improves; Evergrande debt woes in focus

12/07/2021 | 03:41am EST

* Reports say Evergrande missed coupon payments

* Chinese stocks rise after reserve rate cute

* South African third quarter GDP awaited

* Biden-Putin talks in focus

Dec 7 (Reuters) - Most emerging market stocks and currencies rose on Tuesday, tracking gains in broader markets with concerns over the Omicron variant receding but potential debt defaults in China's property market still in focus.

MSCI's index of emerging market stocks jumped 1.5%, supported by gains in Chinese stocks after the central bank cut cash reserve requirements for banks, freeing billions in long-term liquidity to bolster slowing economic growth.

China's blue-chip index ended about 0.6% higher.

"China has been wary in previous months of unleashing stimulus, as it has dealt with the risks of higher inflation and disrupted supply chains ... In recent weeks these pressures have begun to ease," said Alex Kuptsikevich, senior financial analyst at FxPro.

Debt-saddled property developer China Evergrande, was also in focus amid reports that some offshore bondholders of the firm did not receive coupon payments by the end of a 30-day grace period on Monday.

A failure to make interest payments could put Evergrande at risk of becoming China's biggest-ever defaulter. Investors are now watching whether the firm will head into debt restructuring.

"The worst-case scenario for the current situation is a sector-wide domino effect. A default by one or more developers would block other players' capital markets, triggering a spiral of rising bond market yields. In that case, investors would demand a higher risk premium for emerging market securities," Kuptsikevich added.

Emerging markets benefited from improving risk sentiment, amid hopes the Omicron variant would be shown to cause only mild symptoms.

South Africa's rand gained 0.1% ahead of third-quarter gross domestic product (GDP) data that is expected to show the economy contracted 1.2% quarter on quarter following civil unrest over the arrest of former President Jacob Zuma in the quarter.

Statistics South Africa is expected to release its third quarter GDP numbers at around 0930 GMT, with a Reuters poll forecasting a 3.5% year-on-year growth, much lower than the 19.3% growth recorded in the same period last year.

Russian stocks led gains in Europe, the Middle East and Africa with a 1.1% rise, tracking oil price rises.

Russia's rouble fell 0.2% ahead of a video call between Russian President Vladimir Putin and his U.S. counterpart Joe Biden later in the day, with the threat of new sanctions against Moscow lingering over the talks.

Turkey's lira was the best performing emerging markets currency, jumping 1% as it recovered from near record lows.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see

(Reporting by Ambar Warrick; Editing by Edmund Blair)


ę Reuters 2021
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 548 B 70 306 M 70 306 M
Net income 2021 9 661 M 1 241 M 1 241 M
Net Debt 2021 449 B 57 670 M 57 670 M
P/E ratio 2021 2,45x
Yield 2021 2,12%
Capitalization 23 636 M 3 036 M 3 035 M
EV / Sales 2021 0,86x
EV / Sales 2022 0,68x
Nbr of Employees 163 119
Free-Float 29,5%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Technical analysis trends CHINA EVERGRANDE GROUP
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 1,79 HKD
Average target price 5,64 HKD
Spread / Average Target 215%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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