Nearing the end of the dark tunnel
- Re-rating catalysts may surface in 2H24 with a clearer US interest rate roadmap and sale completion of delayed non-core assets
- FY23E results may be impacted by ongoing headwinds from the current high interest rate environment and China’s softer macro performance
- Trimmed FY23-25F earnings by 15-29% to reflect adjusted interest costs and development margin assumptions
- Maintain BUY with HK$19.63 TP
