Seizing opportunity to gain market share
? COLI’s core net profit declined by 4% yoy in FY21, but FY21 DPS increased by 3% to HK$1.21 as it maintained the payout ratio at c.30%.
? It seized the cooler market to acquire sites close to base price and acquired project stakes from distressed developers, which helped it gain market share.
? Reiterate Add on COLI with a higher TP of HK$28.2 (narrower 10% discount to NAV).