Henderson Real Estate slightly down 0.34% Merrill Lynch maintained buy to see HK $50

Henderson Real Estate (00012-HK) fell slightly by 0.34% to HK $44.35, a deal of HK $81.4038 million, and the stock market rose by 1.165 in early trading. Merrill Lynch maintained the buying rating of the unit at a target price of HK $50.　　The bank said the shares had a 10.6% per cent discount to the estimated net assets of HK $49.80, indicating that the market considered the company's 0 value for agricultural land in Hong Kong. The bank also said it expects Henderson property to launch a 1.3 million-square-foot project in the second half of 09, which could generate revenue of HK $10 billion. Merrill also said the company's Hong Kong International Financial Centre and Hong Kong International Financial centre will provide continued earnings growth.