Balanced and scalable growth
? CR Land (CRL) reported a 10% yoy increase in FY21 core net profit and
maintained its payout ratio at 37%.
? Management looks confident it can achieve 15-20% CAGR in rental revenue
through FY25F with new IP completion and positive rental reversion.
? It also targets to hit an attributable ratio of 65-75% for DP land bank.
? Reiterate Add with a higher TP of HK$48.2. CRL is our preferred large-cap
state-owned developer.