HK : Henderson Land Development - New launches to speed up in FY22F

HLD reported a 9% yoy decline in FY21 underlying profit with DPS unchanged yoy at HK$1.80. It expects six Kai Tak projects to be available for sale in FY22F and will launch the Hung Hom redevelopment cluster for sale for the first time. We think HLD will resume non-core asset disposal in order to lower its net gearing. Reiterate Add with a lower TP of HK$38.3 (40% discount to NAV).