BUY
Last Traded Price (23 Jun 2021): HK$3.90 (HSI : 28,817)
Price Target 12-mth: HK$4.83 (24% upside) (Prev HK$4.74)
Analyst
Jeff YAU CFA, +852 36684180 jeff_yau@dbs.com

More than a Discovery Bay play
Investment Thesis
BUY with HK$4.83 TP. The stock, trading 79% below our appraised current NAV, is attractively valued. HKRI Taikoo Hui in Shanghai is seeing solid post-COVID earnings recovery. The recent land bank restocking in Hong Kong should brighten its development earnings outlook.