Sino Land Target Price Cut To HK$11.3 By CLSA

CLSA cut its target price on Sino Land (00083) to HK$11.3 from HK$12.1 and kept an Outperform rating, saying the developer's 2026 fiscal-year underlying profit met its forecast and operating performance remained resilient, according to ETNet. The broker said Sino Land's growing net cash position gives it a more distinctive value proposition versus peers, with enough flexibility to pursue investment opportunities and cushion potential interest-rate headwinds. It lowered its 2027/28 comparable earnings forecasts by 3.0% and 8.2% to reflect changes in project completion timing. CLSA said Sino Land's attributable contracted sales in Hong Kong topped HK$12.1 billion in fiscal 2026, driven by strong sell-outs at Grand Mayfair III, One Park Place and La Mirabelle I. Retail rents remained resilient on an improved retail environment, with portfolio occupancy rising to 90%. Office leasing showed stable signs, while residential leasing benefited from talent inflows and student demand. Hotel profit also continued to improve on a stronger tourism recovery in Hong Kong. The broker added that after three land acquisitions completed in fiscal 2026, Sino Land's net cash rose to HK$55.1 billion, the highest among Hong Kong developers.