An attractive entry point
- Good progress on land acquisition to-date and recent M&A of a HK project demonstrates solid liquidity position
- Presales en-route for to recovery, and decent interim results would help to support share price performance
- Trimmed FY22-23F earnings by 7-8% to reflect delayed presales and recognition pace uponfrom COVID-19 disruptions
- Recent sell-off creates an attractive point of entry; Reiterate BUY at and HK$30.26/sh
