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	Rising global and policy risks 
	Rising global economic uncertainty prompted us to cut land sales assumption for next year. Government may cut/withdraw BoI promotional privileges, could weaken sentiment.&nbsp; Maintain HOLD, lower TP of Bt1.77 implies 35% discount to sum-of-parts valuation

Hemaraj Land and Development

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Hemaraj Land and Development

Hold; Bt1.71 Price Target : Bt1.77 (Prev: Bt2.72); HEMRAJ

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