HSBC Global Research raised its target price for Sino Land (00083) to HK$16.8 from HK$16.3, and maintained its "buy" rating.
The research house said Sino Land's 1H FY2017 underlying earnings decrease was partly
due to lower disposal gains.
Potential new launches in FY2017 include projects in Kowloon Bay, Kwun Tong Town Centre and Sai Kung, with a combined attributable plot ratio area (PRA) of over 1.5m sf. Management is optimistic on the ASP of new launches given the strong primary sales in Kai Tak by other developers.
HSBC added that Sino Land remains in a strong financial position with net cash position of HK$22,976m as of end-2016.
23/02/2017 17:12
[I-bank focus]HSBC raises Sino Land (00083) to HK$16.8
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