Deutsche Bank stated in its research report that it expects downside in Hong Kong residential prices in the next 12 months but thinks the current share price of Henderson Land Development (HKG:0012) (HLD) has mostly priced it in, especially given 90% of HLD's assets generate solid recurrent income.

The brokerage considers that continued stable operational performance should ease investor concern on volatile business environments, thus narrowing current discounts. So the brokerage reinstated rating of HLD at Buy and made its target price at HK$45.33.