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DB upgrades Henderson Land (00012) to HK$49.7
Deutsche Bank lifted its target price for 
Henderson Land (00012) to HK$49.7 from HK$47.5, and upgraded its rating to "gold" from 
"sell" .
  The research house said the upgrade is on the back of higher ASPs achieved from its
primary launches in Hong Kong in FY2017 (earnings growth will mostly be reflected from 
FY2018 onwards) following a re-rating in the sector.
  It thinks the current share price is mostly at fair value. Boosted by a favorable credit
and policy environment, overall residential sales volume rose to a new record-high in
2017. As a result, the sector was re-rated in FY2017 (sector was up by 60%) with the 
current valuation at 8x 2018 PER. Hence, DB believes applying a higher multiple at 8x (on
a par with sector average) is appropriate (formerly 7x).

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