There is good reason to think the talk of property construction stimulus has foundations. If so, it will help offset otherwise tough conditions for property developers who are facing strong headwinds in 4Q20 that will extend into 1H21. We reduce near-term forecasts and adjust our valuation to $1.20 (prior $1.28). However, positive sentiment and recent share price gains show investors are prepared to look beyond 2020 financial weakness and we upgrade to BUY (prior HOLD). We note a key risk and focus will be mid-year gearing levels.
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