[ET Net News Agency, 2 March 2018] HSBC Global Research lifted its target price for
Sino Land (00083) to HK$16.2 from HK$15.7, and reiterated its "buy" rating.
The research house said Sino's special dividend is the biggest surprising gift. It views
this action as management's vote of confidence in the future performance of its property
sales business. As at end-December 2017, Sino's net cash position reached HK$21.1bn or
HK$3.3/share, equivalent to 24% of market capitalization.
The company has accelerated its land acquisitions since July 2016. HSBC estimated Sino
has spent HK$25bn in acquiring 13 projects, which provide an attributable floor area of
2.8m sqft (2.5m sqft excluding its Shenzhen Qianhai site). It has almost doubled its
latest land bank under development in Hong Kong to 5.2m sqft.
HSBC revised its FY2018-19 earnings by +2% to +5% reflecting its updated residential
sales and ASP assumptions. (KL)
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00083 SINO LAND
Nominal 
8.120 +0.070 (+0.870%) Others
02/03/2018 13:43
[I-bank focus]HSBC lifts Sino Land (00083) to HK$16.2
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