[ET Net News Agency, 24 March 2021] Credit Suisse lifted its target price for Henderson
Land (HLD) (00012) to HK$43.7 from HK$37.7 and maintained its "outperform" rating.
The research house said HLD's FY2020 underlying profit of HK$14.9bn was 3% ahead of
Credit Suisse's estimate. HLD budgeted saleable resources of 3.19mn square feet for 2021
(versus 1.46mn square feet in 2020), of which 11 new projects are to contribute saleable
GFA of 2.39mn square feet.
While management sees some challenges in en-bloc sales in the short term, the sufficient
unrecognised sales of HK$22bn offer earnings visibility. Credit Suisse trimmed its
FY2021-22 earnings estimates by 1-9%. (KL)