Greentown China Holdings Ltd (3900:HK) PT Lowered to HK$10.10 at HSBC on lower earnings estimatesThe analyst commented: 'Retain Buy, with lower TP of HKD10.10 (from HKD11.10), based on our unchanged target NAV discount of 58% at 0.25 SD below the historical mean, applied to our revised NAV estimate of HKD24.10/share (from HKD26.40, due to landbank depletion). We cut our 2024e/25e earnings by 4%/5%, respectively, mainly due to expected lower margins. We apply a 0.25 SD below the historical mean NAV discount to reflect the company's slowing growth profile during the forecast period and concerns over its inventory impairment. Our TP implies c53% upside, and we retain our Buy rating. Key downside risks include lower-than-expected sales, further margin compression and inventory impairment, slower land acquisition, and uncertainties related to macro and property-specific policies."