CR Land aims to double its contracted sales in FY21-25F, equivalent to a 15% CAGR, which is relatively fast growth compared with its key peers. Despite lower gross margin expected in the years ahead, management still expects double-digit net profit growth on faster turnover. We expect its rental income to double by 2025 due to opening of new malls. We reiterate our Add call with a TP of HK$43.1. It is one of our top picks among the large caps in the sector.