Optimising business mix
- Plans to reduce development exposure, with a 50:50 gross profit mix target between property development and recurring businesses in the medium term
- Earnings outlook may take a short pause in FY22-23, with lower but still decent dividend yield at c.5%
- Cutting FY22-24F earnings by 8-12% to factor in slower presales outlook, lower margin assumptions, and adjusted growth strategy
- Maintain BUY with TP of HK$30.05/sh
