A grossly underappreciated name
- Weak near-term presales well factored in share price trading at c.3x FY23F PE, on par with surviving POEs and at a deep discount to SOE peers
- Attractive dividend yield of 7.5% in FY22F and >6% in FY23-24F despite near-term headwinds on earnings outlook
- Cut FY22-23F earnings by 22-33% to reflect weaker presales outlook and lower margin assumptions
- Maintain BUY with TP of HK$4.08/sh
