China Overseas Land & Investment (0688.HK): 3Q26 topline recovered yoy and land investment re-accelerated; Buy

COLI reported 3Q26 results with revenue recovering sharply year on year off a low base, though operating margin slipped sequentially on the small scale of 3Q revenue recognition and normal seasonality, which we view as less meaningful. Land banking accelerated markedly in 3Q26, with aggregate investment value equivalent to well over 100% of contract sales versus a low single-digit ratio in 1H26, and estimated project-level GPMs remained solid, including high-value projects in Shanghai Putuo and Shenzhen Nanshan;