Hongkong Land: CLSA highlighted that HKLand’s recent underperformance was largely driven by strong fund flows into the HK equity market but the stock should also benefit given its high correlation with the HK market.
Fundamentally, office vacancy rates in Central has improved significantly while rentals continue to rise for the five consecutive quarter.
The possible inclusion into the MSCI HK Index is likely another positive catalyst to make it a more relevant stock. CLSA maintains Buy with TP of US$8.70.
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