HK Land

HK Land: stock is -1.6% at US$5.50. Not much in the way of overnight news flow. HKL's movement likely affected by the broader market . Noticing that the other Jardine group companies, JC&C and JMH are also down -1% and -1.6% rptvly. In mid Jun, UBS tipped HKL among its least preferred HK stocks in its strategy report. Says the rental and occupancy of Central offices will continue to be the weakest among the key districts in HK, dampened by the weak finance sector. Notes HKL's Central commercial exposure accounts for 72% of gross NAV. Sees limited upside on HKL due to the challenging macro conditions. Rates the stock at Sell with TP US$5.48.