Singapore Stock Market News
Hongkong Land - Recentralization theme; initiate BUY
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Publish date: Thu, 24 Apr 2014, 11:35 AM
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■ Initiate at BUY, TP USD8.16. We're bullish as we expect:
i) 'recentralization' theme in next 2 years;
ii) Grade A office rents in Central to rise 5-6% in 12M; and
iii) lack of supply in Central with upside risks on demand and pick-up in leasing enquiries.
■ In addition, valuations look attractive at 37% discount to NAV of USD10.88/sh and 0.59x 2014 P/B (vs long-term avg of 0.73x forward P/B). Our TP is pegged to 25% discount to NAV, similar to long-term average of 23.5% discount.
■ Potential catalysts include faster-than-expected take up in Central, especially at Two Exchange Square and Citibank Plaza, which could enhance landlords' rent negotiations.
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