UBS: Maintains China Resources Land (01109.HK) target price at HK$45, maintains "Buy" rating.

Zhitong Finance APP has learned that UBS released a research report maintaining China Resources Land's (01109.HK) target price of HKD 45 and a "Buy" rating. The bank stated that since the pre-sale model adjustment on August 28, China Resources Land's share price has fallen 14% due to investor concerns about its property development business. If assuming its property development business is valued at zero, the bank estimates that the value of its recurring businesses (i.e., investment property and light asset management fee business) is approximately HKD 27 per share, and therefore maintains the target price of HKD 45 and rating under the P/E ratio.