Singapore Stock Market News

Hongkong Land - FY14 preview, MSCI inclusion?

StockFanatic
Publish date: Fri, 06 Feb 2015, 12:26 PM
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■ FY14 results out on 5 Mar; we expect results to be in line. Watch for HKL's HK office vacancies vs Oct's high 6.8%, rental reversions & cap rates.

■ Any MSCI HK inclusion in November would be a catalyst, going by Link REIT's inclusion in HSI.

Maintain BUY and TP. A good proxy to "re-centralization" theme in HK office space while supply is limited in Central. Trading at 31% discount to NAV and 0.7x 2015 P/BV.
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