[ET Net News Agency, 2 November 2020] Goldman Sachs lowered its target price for
Henderson Land Development (HLD) (00012) by 8% to HK$34 and downgraded its rating to
"neutral" from "buy", given the relatively lower upside.
The research house thinks the potentially slower pace of land formation/supply to the
private residential segment by the government will benefit developers with large landbanks
- HLD has the second-largest landbank in HK, plus the largest farmland reserve.
However, on the back of the still-uncertain macroeconomic outlook, Goldman envisions
additional near-term major non-core disposals, aside from the HK$3.7bn Wo Shan Wai project
sale gain due to be booked in 2H. This suggests overall earnings will likely still be on a
downward trend in the near-term.
After factoring in our latest sector growth assumptions, Goldman revised down FY2020-22
EPS forecasts by up to 3%. (KL)
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00012 HENDERSON LAND
Nominal 
23.200 +0.200 (+0.870%) Research Report
02/11/2020 11:12
{I-bank focus}Goldman lowers Henderson Land (00012) to HK$34
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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