CGS-CIMB Research has maintained its “add” call and target price of US$5.70 ($7.70) for Hongkong Land Holdings after revaluation losses sent it US$865 million in the red for the 1HFY2021 ended June on July 29.

See: Hongkong Land 1HFY2021 US$865 million in the red, on further revaluation losses

Despite the loss, analysts Raymond Cheng, Will Chu, and Steven Mak point out that underlying earnings per share (EPS) grew 12% y-o-y to 16.9 US cents, primarily driven by a modest recovery in development properties recognition in China and Singapore from a low base in 1HFY2020.

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