Firstly, the analysts suggest that land value for Excelsior Hotel, which is owned by Hongkong Land’s sister company Mandarin Oriental, could hit HK$40,000 ($7189.21) per sq ft on the notion that office buildings in the central business district (CBD) could be undervalued by the market.
SINGAPORE (April 4): CIMB Research continues to rate property investment, management and development group Hongkong Land at “add” with a raised target price of US$8.50 ($11.90) from US$7.80 previously.
In a Tuesday report, analysts Lung Siu Fung and Raymond Cheng highlight the counter is currently trading at a 41% discount to CIMB’s net asset value (NAV) of US$13, which is the deepest versus its peers Swire Properties and Champion REIT at 37% and 34% respectively.
