DBS: China Overseas Land – Buy Target Price HK$18.20

Slight hiccup before regaining its glow

• En-route for another year of presales outperformance, premised on sector-leading land acquisition pace in quality Tier 1-2 cities
• FY23 presales fell short of target despite outperforming the sector; FY23F results may fall short of expectations with revenue recognition likely to be affected
• Trimmed FY23-25F earnings by 14-15% on slower revenue recognition and margin assumptions
• Maintain BUY with a revised TP of HK$18.20/sh