Henderson Land downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Karl Chan downgraded Henderson Land (HLDCY) to Neutral from Overweight with a price target of HK$30, down from HK$35. The firm applies a wider target net asset value discount to factor in Henderson’s higher sensitivity to a rate hike scenario, the analyst tells investors in a note on the Hong Kong property and conglomerates group.