CGS-CIMB Research analysts Raymond Cheng, Will Chu and Steven Mak have kept “add” on Hongkong Land Holdings with a higher target price of US$6.30 ($8.49) from US$5.70 before.

The higher target price comes as the team lifts its net asset value (NAV) to US$10.50 from US$10.30. It has also narrowed its target discount to NAV to 40% from 45% before.

In addition, the team has lifted its earnings per share (EPS) estimates for the FY2021 to FY2023 by 0.2% to 1.4% to factor in the group’s smaller number of shares outstanding after the share buybacks.

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