Steady as she goes
- Continued presales outperformance and gradual asset monetisation via CREIT to serve as share price catalysts
- Expect to deliver resilient performance for FY23 with potential margin shortfall from the development side partially offset by resilient recurring income portfolio
- Trimmed FY23-25F earnings by 2-8% upon fine-tuned development revenue and margin assumptions
- Maintain BUY at HK$40.60/sh TP