Upgrades and Downgrades

PUBLISHED : Friday, 14 November, 2003, 12:00am
UPDATED : Friday, 14 November, 2003, 12:00am

BUY Henderson Land

Closing price: $32

Target price: $38.15

Share price performance (%)

1wk: 0.62

3mths: 25.29

1mth: 1.22

1yr: 22.2

The recommendation was raised from neutral to outperform on the positive profit outlook of the company, which remains one of the lowest-cost developers. Henderson had been cautious during the financial turmoil in Asia, not actively buying land or selling flats, analyst Jonas Kan said. But he expects the company to return to investing mode, especially after the recent $3 billion share placement.

Daiwa Institute of Research