HSBC cuts Henderson Land's FY02 forecast by 15.6% to hk$2.7 billion

HSBC Securities said it cut its profit forecast for Henderson Land (0012) to HK$2.7 billion (EPS: HK$1.56) for the year ending June 2002, from previously HK$3.2 billion (EPS: HK$1.86), although the company's full-year profit released yesterday was HK$500 million higher than the house expected. In a note to clients, analyst Derek Cheung said the lowered profit forecast is to account for a further 10 percent drop anticipated in residential property prices and 20 percent drop in Grade A office rentals.

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