Overshadowed by misconceptions
- Balance sheet held up well despite tough liquidity conditions in the market – unrestricted cash to ST debt maintained at a fair 1.2x as at Dec-21
- Conservative 2022 target in light of market uncertainties
- Cut FY22-23F earnings by 36-44% to reflect lower margin assumptions and slower presales growth
- Maintain BUY with a lower TP of HK$8.62