Maiden dividend to drive re-rating
- The largest asset manager in APAC, with stable cash income from fund/REIT business
- This should support the kick-off of dividend payouts, which has been the missing component vs. global peers
- Pivot to new economy assets to drive decent mid-teens AUM CAGR ahead
- Raised FY22F/23F earnings to factor in acquisition of ARA; reiterate BUY with SOP-based TP of HK$35.53
