CGS-CIMB Research analysts Raymond Cheng, Will Chu and Steven Mak are keeping “add” on Hongkong Land Holdings after the property group announced, on Sept 6, that it would spend up to US$500 million ($672.0 million) in share buybacks.

See: Hongkong Land to spend up to US$500 million in share buybacks

The analysts are also keeping their target price estimate unchanged at HK$5.70, which still based on a 45% discount to net asset value (NAV)

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