FY19 underlying profit rose 6.6% to HK$32.4bn, in line with our forecast
Steady project launch pipeline to drive development income
Beefing up rental property portfolio in Hong Kong and China
Buy with HK$ 135.6 TP
The stock is now trading at 53% discount to our appraised current NAV with dividend yield of 4.3% for FY20.
From a historical viewpoint, its valuation is undemanding.
This should help cushion further downside risk.
BUY with TP of HK$135.6, premised on 45% discount to our Jun-20 NAV estimate.
Source: DBS
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