[ET Net News Agency, 7 May 2021] Morgan Stanley lifted its target price for China
Resources Land (01109) to HK$50.79 from HK$46.46 and maintained its "overweight" rating.
The research house sees steady sales growth of 11% in 2021 for CR Land and attributable
sales growth of 15% CAGR from 2022-25. Morgan projected low double-digit earnings growth
in FY2021-23.
It views CR Land's investment property pipeline as strong, with a rental income CAGR of
20-30% from 2021-25. Morgan added that a strong balance sheet and low funding costs should
benefit the company under the tightening policy. (KL)