Hang Lung Properties' Valuation Remains Attractive
Dow Jones08-03
0546 GMT - Hang Lung Properties' stock valuation remains attractive, trading at more than 70% discount to DBS Group Research's estimated current net-asset value, say its analysts in a note. The Hong Kong-listed real-estate company's stronger 1H rental earnings were offset by higher finance costs from reduced interest capitalization, they say. Provisions in its China segment also dragged down its underlying earnings, they add. However, the analysts remain upbeat on the company over the long term, as a continued ramp-up at its Chinese development Westlake 66 should provide further support to rental earnings. DBS retains its buy rating and 10.38 Hong Kong dollar target price. Shares rise 4.7% to HK$7.635.
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