SINGAPORE (Mar 6): Year-to-date, property developer Hongkong Land has seen its share price fall some 12% amid growing global economic uncertainty led by the coronavirus outbreak.

However, as stocks around the world brace themselves for a battering in terms of earnings and share price figures, DBS Group Research remains optimistic about Hongkong Land and chooses to believe that a large majority of negatives have already been priced in for the stock, which will in turn cushion further downside risk against its share price. 

For FY2019 ended December, Hongkong Land reported earnings of US$198.0 million ($274 million), down from earnings of US$2.48 billion a year ago. This was due to the group booking losses of some US$878.4 million from lower valuations of the group’s investment properties, compared to net gains from revaluations amounting to US$1.42 billion in FY2018.

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