Stock Name: HKLand US$
Company Name: HONGKONG LAND HOLDINGS LIMITED
Nomura Research in a July 29 research report says: "HKL's NAV growth in 1H11 remained strong at 17% h-o-h, which we estimate reflected around +18% h-h revaluation gain related to its HK commercial portfolio.
"The NAV growth was comparable to the +16% h-o-h rise in Central office spot rents in 1H11, likely suggesting spot rental growth as the main revaluation driver. As a result, HKL's NAV rose from US$8.64 as of December 2010 to US$10.08 as of June 2011, thus implying 0.66x current P/B, which is 12% below the historical average of 0.75x and should provide valuation support, in our view.
"HKL declared interim dividends of US$0.06 per share, flat y-o-y and in-line with our expectations. Target price of US$9.4. BUY"
Company Name: HONGKONG LAND HOLDINGS LIMITED
| Research House: Nomura | Price Call: BUY | Target Price: 9.40 |
Nomura Research in a July 29 research report says: "HKL's NAV growth in 1H11 remained strong at 17% h-o-h, which we estimate reflected around +18% h-h revaluation gain related to its HK commercial portfolio.
"The NAV growth was comparable to the +16% h-o-h rise in Central office spot rents in 1H11, likely suggesting spot rental growth as the main revaluation driver. As a result, HKL's NAV rose from US$8.64 as of December 2010 to US$10.08 as of June 2011, thus implying 0.66x current P/B, which is 12% below the historical average of 0.75x and should provide valuation support, in our view.
"HKL declared interim dividends of US$0.06 per share, flat y-o-y and in-line with our expectations. Target price of US$9.4. BUY"
No comments:
Post a Comment