BEIJING, April 22, 2011 /PRNewswire-Asia/ -- On April 21, Evergrande's stock price hit a new high again, which has beaten other mainland real estate stocks by virtue of an increase of more than 40% from the end of March up to now. Thanks to the strong sales in the first quarter of 2011, Evergrande (3333.HK) Hong Kong Stock has outstanding performance in April, whose closing price and maximum price have constantly hit new highs since its listing 17 months ago The maximum price on April 21 skyrocketed to HKD 5.64 (the stock price is in HKD, the same below), not only creating the maximum value record again, but also obtaining the rebound up to 208.2% compared to the recorded minimum value. The total market value of the Company has reached HKD 78.6 billion. An original report by Sina Leju follows:

Since the release of the annual report on March 29, Evergrande's stock price has refreshed the maximum record alternately in April from HKD 4.00 on March 29 to HKD 5.15 on April 8, with an increase of 28.7%, forming the first wave of strong uptrend; on April 12, Evergrande released the sales performance of March and the sales data of the first quarter. The strong sales continued stimulating the performance of Evergrande stock in Hong Kong Stocks. The increases of the stock price on April 13 and 14 were 6.6% and 9.38% respectively. The stock price on April 14 skyrocketed to HKD 5.54, with the final closing price of HKD 5.48, which is the fifth time to refresh the closing price record since the end of March. According to sources of many investment banks, Evergrande's stock price valuation at present is still relatively low. After the 4-day finishing, on April 21, Evergrande's maximum stock price reached HKD 5.64, with the closing price of HKD 5.56. The two values have refreshed the new high record again since Evergrande's listing 17 months ago.

It is learned that Evergrande's sales volume of the first quarter of 2011 amounts to 19.8 billion yuan, with an increase of 135.9% on a year-on-year basis, and the sales area amounts to 2.857 million square meters, with an increase of 117.2% on a year-on-year basis. In addition, according to the annual report, by the end of 2010, the cash in hand had reached RMB 20 billion yuan, and along with the unused bank credit line of RMB 33.25 billion yuan, Evergrande has the available capital of about RMB 53.25 billion yuan.

Based on the fact that Evergrande still can maintain the steady sales growth under the constant macro-control over the mainland real estate market, recently, Morgan Stanley, Goldman Sachs and other international investment banks have successively included Evergrande Stock and other mainland real estate stocks into the scope of preferred stocks, and increased the target prices of many mainland real estate stocks by 2%-3%. Goldman Sachs thinks highly of the mainland bank stocks and the mainland real estate stocks. Among the 12 Chinese-funded stocks, the mainland bank stocks and the mainland real estate stocks account for 4. In particular, Goldman Sachs estimated that the potential climbing space of selected Evergrande Stock would exceed 40%, with the target price of HKD 6.44.

SOURCE Sina Leju