[ET Net News Agency, 3 September 2020] Morgan Stanley raised its target price for Logan
Property (03380) to HK$13.87 from HK$12.64 and maintained its "equal-weight" rating.
The research house said the price target hike was based on its new 2020 NAV estimate of
HK$23.11 (previously HK$21.07), reflecting new land replenishment in 1H. Morgan's core
earnings estimates decline by 3%, 4%, and 5% for 2020, 2021, and 2022, respectively, to
reflect the impact of COVID-19 on delivery schedules and the normalized gross profit
margin.
It noted that Logan target 20% sales growth in the next three years. (KL)