Home Capital Broker's Calls

Continue to ‘add’ Hongkong Land despite lower underlying profit for FY20: CGS-CIMB

Atiqah Mokhtar
Atiqah Mokhtar3/16/2021 04:00 PM GMT+08  • 2 min read
Continue to ‘add’ Hongkong Land despite lower underlying profit for FY20: CGS-CIMB
CGS-CIMB has retained its 'add' rating with a higher TP of US$5.70 from $5.30 previously.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

CGS-CIMB Research is maintaining its ‘add’ rating on Hongkong Land Holdings with a higher target price of US$5.70 ($7.67) from $5.30 previously after the company announced its FY2020 results ended December 2020 on March 11.

Despite Hongkong Land’s underlying profit for FY2020 declining by 11% y-o-y to US$960 million due to Covid-19 impacting development property delivery, CGS-CIMB analyst Raymond Cheng notes that it exceeded his estimates, while dividend per share for the period was maintained at 22 US cents, similar to the last two years.

While vacancies for its Hong Kong office portfolio rose from 2.9% to 6.3% in FY2020, Cheng points out that average monthly rent remained flat at HK$120 ($20.79) per square foot.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now