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).