BUY (Initiating Coverage)


Last Traded Price ( 23 Jun 2021):HK$6.14(HSI : 28,817)
Price Target 12-mth:HK$8.66 (41.0% upside)

Analyst
Zoe Zhang, +86 21 3856 2892 zoezhangbb@dbs.com
Danielle Wang CFA, +852 36684176 danielle_wang@dbs.com
Ken HE CFA, +86 21 38968221 Ken_he@dbs.com
Jason LAM +852 36684179 jasonlamch@dbs.com

Next to re-rate to large cap
• Long term re-rating potential on strong execution capability amid uncertainties
• Well rooted in Tier-1/2 cities with diversified landbanking channels to sustain 15% presales growth
• Building up rental income base with a focus on shopping malls
• Initiate with BUY and a TP of HK$8.66