Cheung Kong Property (111.3.HK), HK$ 47.55
Buy rating, Target price range HK$ 66.00 - HK$ 75.00
● Disciplined approach to property acquisitions manifested through high quality and low cost land bank
● Low debt levels (net cash on balance sheet by end-2016) and plenty of “dry powder” to buy land should the opportunities present themselves
● At HKD$47 shares are trading at 28% discount to net book value (HK$66) and 56% discount to market value (HK$105).
● P/E ratio low at around 10x