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00012 HENDERSON LAND
RTNominal down28.300 -0.450 (-1.565%)
Research Report

25/03/2020 11:41

{I-bank focus}JPM downgrades Henderson Land to HK$28.1

[ET Net News Agency, 25 March 2020] J.P. Morgan lowered its target price for Henderson
Land Development (HLD)(00012) to HK$28.1 from HK$49.4 and downgraded its rating to
"neutral" from "overweight".
The research house said the cancellation of the bonus issue and a non-core asset
disposal strategy will put HLD back in the same bucket as its peers, such as Sino Land
(00083) or New World Development (NWD)(00017), both of which are trading at a 6.4%
dividend yield. The >6% dividend yield is the only downside cushion for the stock.
Given the distressed valuation for the Hong Kong property developers and the improving
transaction volume, JPM believes the upside risk for HLD will be from a general sector
recovery, in which JPM believes high-beta stocks like NWD would outperform instead. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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