$HongkongLand USD(H78.SI)$ Market talk: “No $10, no sell.” I see that as short‑term myopia. My investment thesis is longer term and execution‑driven: TP US$18–25 over 2–5 years. HKL is a NAV‑anchored platform that can materially re‑rate if management executes on three levers at once: crystallise NAV through disciplined disposals, scale a fee‑earning fund business, and return capital to shareholders via buybacks/dividends — all while Hong Kong prime office fundamentals recover and supply tightens in Central. How the range maps to outcomes - US$18 (floor): steady disposals at or above book, continued buybacks, and an emerging recurring fee stream justify a modest premium to today’s NAV. - US$25 (upside): requi