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<Research>CLSA Downgrades SINO LAND to Outperform as Net Cash Advantage Subsides
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Driven by robust sales of some new projects and optimistic market sentiment, Hong Kong property developers have shown strong stock performance this year, CLSA wrote in its research report. CLSA believes the uptrend in property prices will continue, while the net cash value of SINO LAND (00083.HK) will be declining relative to the property asset portfolio of its peers. Given that SINO LAND has already snowballed by 42% since it received a High-Conviction Outperform rating last February, and its net cash is no longer a significant asset advantage, CLSA has downgraded its rating to Outperform but lifted its target price from HKD10.74 to HKD12.1. AAStocks Financial News |
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