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03380 LOGAN GROUP
RTNominal down0.810 -0.010 (-1.220%)
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19/01/2018 15:31

[I-bank focus]DB lifts Logan Property (03380) to HK$10.95

[ET Net News Agency, 19 January 2018] Deutsche Bank lifted its target price for Logan
Property (03380) to HK$10.95 from HK$9.66, and maintained its "buy" rating.
The research house said the target hike is based on: (1) higher earnings growth due to
stronger sales (DB raised 2018 sales forecast by 35% and FY2018-19 earnings by 12-13%),
and (2) the latest land banking. Management has an aggressive target of growing
attributable sales by >50% this year (versus 45% in 2017).
It believes this target is achievable given its abundant saleable resources. The current
valuation (6.3x FY2018 P/E and 42% discount to NAV) is defensive compared to peers (8.3x
P/E and 30% discount to NAV). (KL)

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