Analyst Note
| Cheng Wee Tan |While there are limited details provided in China Overseas Land & Investment’s first-quarter 2022 business review and financial performance update, the headline numbers continue to show the company’s steady performance and healthy financial position considering heavy sector headwinds. We maintain our fair value estimate of HKD 28.50 per share and no moat rating. We reiterate our preference for China Overseas Land as one of our fundamental picks within the sector given its stronger financial resources, which means less pressure to deleverage and it could take on asset sale opportunities, acquiring assets from peers, which are consolidating or in liquidity stress.