CDL: HSBC maintains Neutral but cuts TP to $10.79 from $11.64. May industry sales figures were strong at 1575 units and increases the risk of further policy action. Notes that CDL’s share price prices a fall in residential prices of 15-20% from end-2010 lvls which is unlikely unless policy tone turns severely negative...
Baseline view for prices to remain flattish despite prices being up 6% ytd in 2011. House reduces TP and RNAV on back of lower mkt price for Millenium and Copthorne listed on LSE and limited opportunity for CDL to grow its RNAV in nxt 12 mths. Co trades at 1.4x fwd P/B, Capitaland at 0.9x and UOL at 0.8x
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