Proxy for market recovery
- A key proxy for a potential physical market recovery in 4Q22
- Seizing the opportunity in the land market for quality saleable resources at favourable cost
- Trimming FY22-23F earnings by 7%-10% to reflect impact from rental concessions and affected presales outlook due to COVID-19 disruptions
- Maintain BUY and sector top pick, with TP trimmed to HK$45.37/sh
