CHEUNG KONG PROPERTY(1113.HK):BUY:A NEW BEGINNING WITH A PROPERTY FOCUS
汇丰银行(中国)有限公司2015-08-26
Strong contracted sales in 1H15; supportive of a fast assetturn model, which deserves a NAV discount tighter than thecurrent 50% Stronger earnings likely in 2H15 when full-periodcontributions from Hutch property assets will be reflected We have a Buy rating and a target price of HKD83