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<Research>BofAS Upgrades HENDERSON LAND (00012.HK) to Buy, Raises TP to $26.7
Recommend 13 Positive 16 Negative 9 |
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BofA Securities upgraded HENDERSON LAND (00012.HK) from Neutral to Buy, and raised its target price from $22.7 to $26.7, representing a 40% discount to NAV, compared to 48% previously, narrowing by 1 SD from the average since 2018, reflecting the potentially lower interest rate environment. BofA Securities believed that HENDERSON LAND's dividend yield of 7.9% is attractive, compared to the Hong Kong homebuilders' average of 5.4%. If the 1-month HIBOR stays at 2% for a long time, investment demand in the property market is expected to pick up. HENDERSON LAND's products are mainly targeted at investors, i.e. those with smaller unit size and urban locations. AAStocks Financial News |
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