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01030 SEAZEN
RTNominal down0.930 -0.020 (-2.105%)
Research Report

18/10/2019 11:19

{I-bank focus}Jefferies starts Future Land at HK$12.76

[ET Net News Agency, 18 October 2019] Jefferies Research initiated coverage on Future
Land Development Holdings (01030) with a "buy" rating and a price target of HK$12.76.
The research house said Future Land is a top-10 developer with a low-cost land bank
worth RMB900bn, and a top-five mall operator in China. Jefferies believes Future Land can
sustain double-digit sales growth this/next year with a 30+% margin, and achieve a 50%
rental CAGR on a strong mall pipeline.
With a 37% earnings CAGR and 7-13% yield, Jefferies sees the current deep valuation
discount (3.5x 12-month forward P/E and 69% NAV discount) offering a defensive entry
point. (KL)

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