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Research Report

26/02/2020 14:55

{I-bank focus}Nomura ups Logan Property (03380) to HK$16.1

[ET Net News Agency, 26 February 2020] Nomura raised its target price for Logan
Property Holdings (03380) to HK$16.1 from HK$13.9 and upgraded its rating to "buy" from
The research house likes Logan's defensive position supported by its high-value land
bank in the Greater Bay region (land bank life 5.1 years; 66% in Greater Bay). Nomura
expects its contracted sales to register a 23% CAGR in 2020-21, from CNY96bn in 2019 to
CNY144bn in 2021, the highest among mid-cap developers.
The urban renewal projects pipeline brings high visibility for its land bank sufficiency
(we estimate CNY325bn of saleable value, 37% of existing land bank) and DPS growth (26%
CAGR in 2020-21; trading at 9.3% dividend yield now).
It said the conversion of an urban renewal project in Huizhou, which will fetch CNY3bn
of pretax profit in FY2020 (20% of Nomura's FY2020 estimate), may catalyze a share price
re-rating in 2Q. (KL)

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