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Daiwa Lifts HENDERSON LAND Target to $63.5; May Harvest after Investment in Farmland for Years

 Daiwa, in its report, believed that HENDERSON LAND (00012.HK)  0.000 (0.000%)    Short selling $28.23M; Ratio 8.348%   started to acquire agricultural land from the 90s or even earlier but only a small part of farmlands have completed conversion of usage. As of June 2017, the company's agricultural land reserves reached 44.9 million sq. ft., being the Hong Kong developer with biggest farmland holdings. The research house believed that if the government proposes to take a practical and collaborative stance on making the most productive use of non-residential land, HENDERSON LAND will be the major beneficiary among developers.

The broker believed that HENDERSON LAND is now in the harvesting period and has achieved realization of value and upward adjustment of payout. The investment rating was reiterated at Buy and the target price was lifted to $63.5 from $58.

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