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<Research>UBS Lists CHINA RES LAND (01109.HK) as Sector Top Pick, Raises TP to $42
Recommend 3 Positive 5 Negative 2 |
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CHINA RES LAND (01109.HK) is at a critical transformation stage, with its current stock price at a 50% discount to net asset value and one of the lowest PE ratios among Chinese developers, UBS published a research report saying. The broker believed that the market is clearly undervaluing its worth, with anticipation for the establishment of private REITs with fewer restrictions on fund usage, which would help developers accelerate capital recycling. If CHINA RES LAND changes its dividend policy to a fixed DPS, it would enhance the visibility of dividend returns and reduce capital reinvestment in development business, both of which would serve as positive value catalysts, UBS added. Therefore, UBS raised its target price for CHINA RES LAND from $37 to $42, with rating kept at Buy, and listed the stock as its sector top pick. AASTOCKS Financial News Website: www.aastocks.com |
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