DBS: China Resource Land – Buy Target Price HK$40.60

Steady as she goes

• FY23 results in line; enhanced earnings quality with recurring income as % of core profit up 10ppt to 34%
• Guides for largely stable earnings growth for FY24 with recurring businesses to gradually contribute a larger portion of profit going forward 
• Fine-tuned FY24-25F earnings by c.1% in reflection of adjusted development revenue and margin assumptions 
• Showcasing resilience throughout sector turbulence; reiterate BUY and top pick at HK$40.6/sh TP