星展：予恒基地产(00012)“买入”评级 目标价下调至24.7港元

Core Viewpoint - DBS has issued a "Buy" rating for Henderson Land Development (00012), lowering the target price from HKD 26.7 to HKD 24.7 [1] Group 1: Asset Sales and Financial Strength - The company sold the entire North Point Harbour City building for HKD 2.21 billion to Li Ning (02331), which is viewed positively as it enhances profitability and financial strength [1] - The remaining three plots of land in the Fanling North New Development Area will be compensated in cash by the government, providing substantial profits for the company [1] Group 2: Land Reserves and Market Potential - Henderson Land Development possesses the largest agricultural land reserves in Hong Kong, with most located in the Northern Metropolis area [1] - Any positive news regarding the development of the Northern Metropolis is expected to create upward pressure on the company's stock price [1] Group 3: Income and Valuation Outlook - The expansion of the leasing investment portfolio is expected to improve the recurring income base, leading to better earnings quality [1] - In the long term, this improvement is anticipated to support a higher stock valuation for the company [1]