HK : China Resources Land - Balanced and scalable growth

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.