Hongkong Land has most valuable assets but trades at highest discount to NAV

SINGAPORE (Aug 4): CIMB is maintaining its “buy” on Hongkong Land with US$9.10 target price given the group holds the most valuable assets in Hongkong but is also trading at the cheapest valuation at 46% discount to NAV.

The research house says management could also consider strategic review separate listing or changing listing structure to REIT/trust, thus unlocking its value.

Since the Murray Road tender transacted at record-high land cost in mid-May, the capital value of Central office has been appreciating on cap rate compression.

---

Related Stories

• RHB lifts SGX’s TP to $10.40 after strong operating data in May
• Keppel’s higher fund management fee income to contribute to earnings growth in FY2024: PhillipCapital
• DBS holds $100 bil market cap for second day; analysts mixed on 1QFY2024 results

---