Investing conservatively amid economic uncertainty
? WHL reported a 7% yoy increase in FY21 underlying profit, driven by solid growth in China IP rental growth and higher EBIT from logistics business.
? It sees increasing competition in China IP portfolio from malls nearby, and remains cautious on landbanking for China DP projects.
? Reiterate Hold with a lower TP of HK$27.3 (45% discount to NAV).