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Nomura cuts Henderson Land (00012) to HK$55.5

Nomura reduced its target price for Henderson Land
Development (HLD)(00012) to HK$55.5 from HK$55.9, and reiterated its "neutral" rating.
  The research house said HLD's FY2017 underlying profit of HK$19.6bn was 13% above
Nomura's estimate. The beat was due mainly to higher-than-expected China property trading
bookings and margins.
  Beyond FY17, Nomura expects continued non-core asset disposal gains to be booked in
FY2018. It expects the 18 King Wah Road project to book a disposal gain of HK$5.5bn, 
whereas the Tuen Mun site should contribute HK$2.7bn.
  Nomura raised its FY2018-19 underlying profit by +12%/-2% respectively, following its
updated property completion schedule. 

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