As at 4.00pm on Apr 25, shares in HKL have surged 10.2% for the day to trade at US$4.65. Ytd, the stock is trading 5.0% higher. It has a 52-week high of US$5.00.
DBS Group Resarch is keeping a "buy" recommendation on Hongkong Land (HKL) with an increased target price of US$5.52 from US$5.25 previously.
"The stock, trading at a 60% discount to our appraised current NAV, remains attractive considering better growth prospects led by the new strategic initiatives," say analysts Jeff Yau, Percy Yeung and Cherie Wong. The way they see it, the group's asset recycling efforts and share buyback programme should help support its share price appreciation.
