CR Land (CRL) reported a 10% yoy increase in FY21 core net profit and maintained its payout ratio at 37%. Management looks confident it can achieve 15-20% CAGR in rental revenue through FY25F with new IP completion and positive rental reversion. It also targets to hit an attributable ratio of 65-75% for DP land bank. Reiterate Add with a higher TP of HK$48.2. CRL is our preferred large-cap state-owned developer.

Equity Analysis /
Hong KongHK : China Resources Land - Balanced and scalable growth
Raymond Cheng
Head of Hong Kong Research @ CGS-CIMB
1 April 2022

1 April 2022
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