“Our target price for Hongkong Land is premised on a 50% discount to our December 2023 NAV estimate,” the analysts continue.
DBS Group Research analysts Jeff Yau and Percy Leung are keeping their “buy” call on Hongkong Land with a lower target price of US$5.93 ($7.82) from US$6.14 previously.
In their report dated Jan 16, the analysts note that the stock, which closed at US$4.89 on Jan 13, is trading at a 58% discount to their appraised current net asset value (NAV). They add that the stock is deemed “attractive from a historical viewpoint”.
