Secondary transactions to drive higher profit
■ Midland announced a positive profit alert for 1H21F, saying that it recorded a
net profit of c.HK$160m in 5M21.
■ We expect a revival of secondary transactions in HK to lift the segment’s
contribution to Midland’s revenue to 30% or higher, the highest since FY12.
■ Reiterate Add with a higher TP of HK$2.52 (6.3x FY21F P/E).