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Nomura lifts Logan Property (03380) to HK$13.7

   Nomura lifted its target price for Logan Property 
Holdings (03380) to HK$13.7 from HK$8.4, and reiterated its "buy" rating.
  The research house said Logan reported strong FY2017 results. For FY2018F-20, management
guided for gross margin around 35.0% and net margin around 15%-16%, net gearing around 
60%-80%, and 40% dividend payout is sustainable.
  Nomura noted that Premier Li Keqiang, during NPC and CPPCC in March 2018, reaffirmed the
target to build  Greater Bay Area (GBA) to a world-class city cluster, and the planning
outline will be released soon. Logan has abundant saleable resource of CNY519bn (CNY337bn
of current landbank and CNY182bn of M&A and urban renewal in the pipeline), of which 80% 
is located in GBA.

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