[ET Net News Agency, 3 January 2020] Citi Research lowered its target price for
Henderson Land Development (HLD)(00012) to HK$50.8 from HK$51.4 and maintained its "buy"
rating.
The research house believes HLD is an ignored high-growth yield play despite management
commitment to strong dividend growth medium-term. Disposal of Wo Shang Wai farmland for
HK$4.7bn notwithstanding, HLD has lots of treasures including non-core IPs (investment
properties), farmland and/or old building projects that it can use to support its dividend
growth story.
Aiming to reward shareholders annually with 1-for-10 bonus shares, HLD looks attractive
at a 4.7% dividend yield together with a double-digit dividend growth outlook, Citi added.
(KL)