Jefferies Research initiated coverage on Logan Property Holdings (03380) with a "buy" rating and a price target of HK$13.81.
The research house said Logan offers 34% FY2019-21 earnings CAGR and a 7-12% dividend yield. Jefferies expects the gross margin to stay above 30%, given its low land cost (accounts for 25% of ASP).
Logan is a Greater Bay Area (GBA)-focused developer with RMB430bn saleable resources (72% in GBA), and Jefferies believes its huge urban renewal pipeline in GBA can secure above-peer margin and sales growth in the medium term.
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