Jefferies Research initiated coverage on China Resources Land (CRL)(01109) with a "buy" rating and a price target of HK$41.18.
The research house sees CRL's quality malls (with strong organic growth) supporting 20% rental CAGR in the next few years. It also sees medium-term catalysts from potential IPs (investment properties) spin-off and its urban renewal in the Greater Bay Area (GBA).
Jefferies forecast mid-teen earnings CAGR and 32-36% gross margin in FY2019-21. It forecast mid-teen earnings CAGR and 4-5% dividend yields in FY2019-21.
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