Poised for outperformance
- Likely to deliver another year of presales outperformance supported by solid land acquisition pace in FY23
- A potentially upbeat presales target for FY25F that is pending for announcement in March could be a share price catalyst
- Trimmed FY23-25F earnings by 6-10% on lower margin assumptions to reflect the ongoing physical market downcycle
- Maintain BUY with HK$7.52 TP