Equity Analysis /
Hong Kong

HK : China Overseas Land & Investment Ltd - Seizing opportunity to gain market share

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

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    Steven MAK
    Will Chu
    CGS-CIMB
    31 March 2022
    Published byCGS-CIMB

    COLI’s core net profit declined by 4% yoy in FY21, but FY21 DPS increased by 3% to HK$1.21 as it maintained the payout ratio at c.30%. It seized the cooler market to acquire sites close to base price and acquired project stakes from distressed developers, which helped it gain market share. Reiterate Add on COLI with a higher TP of HK$28.2 (narrower 10% discount to NAV).