[ET Net News Agency, 6 November 2019] CLSA lowered its target price for Henderson Land
(HLD)(00012) to HK$37.5 from HK$40 and maintained its "underperform" rating.
The research house expects HLD to continue its bonus DPS policy under the new joint
chairmen. Further, HLD holds a 42% stake in HKCG (00003), which distributes very stable
dividends. HLD's rich pipeline of new investment properties should also generate
additional rental income.
While CLSA does not foresee company-specific catalysts in the near term, it said the
current share has priced in most negatives. CLSA lowered its 2020-21 earnings forecasts by
12.3-12.7% to reflect declining rents and slower property sales in Hong Kong. (KL)