Toll on development earnings following two consecutive years of double-digit presales decline as well as recognition of lower margin projects and possible inventory impairment
Cut FY23-25F earnings by 32-39% on downward adjustments on revenue recognition and margin assumptions
Headwinds in-price at merely c.4x FY24F PE even after factoring earnings cuts; Maintain BUY with TP of HK$18.0/sh
