[ET Net News Agency, 7 January 2021] J.P. Morgan raised its target price for Henderson
Land Development (00012) to HK$28.1 from HK$27.3 and maintained its "neutral" rating.
The research house said the company has stopped its capital recycling and the 10%
increase in total dividend through a 10-for-1 bonus issue in early 2020. Although the
government is re-emphasizing farmland resumption to be one of the main sources of
residential land supply going forward, news flow on this front remains very patchy.
JPM said Henderson has done well in some of its primary residential launches, but the
lack of large-scale development will probably be the main factor keeping its performance
in check. (KL)