HongkongLand USD's stock surged 5.07% intraday on Tuesday, marking a significant upward movement.
The rally follows analyst commentary highlighting the potential of the company's new private real-estate fund platform in Singapore. Citi analysts described the fund as a strategic breakthrough that could enable further capital recycling through third-party investments, potentially allowing Hongkong Land to increase its share buyback program.
Citi raised its target price for the stock to US$9.75 from US$7.15 and opened a 30-day positive catalyst watch, while retaining a buy rating. The analysts also anticipate strong operational data for the office and retail segments in the upcoming full-year results.