Henderson Land downgraded to Hold from Buy at Jefferies

Jefferies analyst Sam Wong downgraded Henderson Land to Hold from Buy with a price target of HK$24, down from HK$25.50. Henderson can recognise HK$3.1B gains from land resumption in FY24, which is larger than the market expected, but the firm is concerned margin compression and project interest ceased to be capitalized will hit FY25 earnings, the analyst tells investors.