HKL has reported a 1% y-o-y decline in underlying profit from 1HFY2023 to US$422 million, on the back of fewer development property (DP) project completions in China and a weaker Renminbi versus the US dollar in the first half of the year.
Following Hongkong Land’s (HKL) reported loss of US$333 million ($443.6 million) for the 1HFY2023 ended June, analysts at CGS-CIMB Research have reiterated their “hold” call with an unchanged target price of US$4.
This comes on the basis that the group is switching its growth driver in China to investment properties, but the analysts Raymond Cheng, Will Chu and Steve Mak say that there are “scant near-term re-rating catalysts” for the group.
