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<Research>UBS Upgrades SHK PPT (00016.HK) to Buy, Expects HK Rent to Grow at CAGR of 5% until 2030
Recommend 8 Positive 17 Negative 6 |
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Hong Kong property prices have corrected by 28% since 2018, mainly due to towering cap rates with higher interest rates, UBS released a research report saying. However, the broker believed that property prices may start to recover from here driven by lower interest rates, limited supply, population inflow and rising rents, with domestic rents expected to grow at a CAGR of 5% until 2030. UBS was positive on Hong Kong's developers, believing that the sector-wide discount of 56% to average net asset value (NAV) is still in the low end valuation range since 1994. The property sector's rebound is expected to continue, with HENDERSON LAND (00012.HK), KERRY PPT (00683.HK) and SHK PPT (00016.HK) being its sector top picks. UBS' latest ratings and target prices for Hong Kong's developers are listed below: Stock｜ Rating｜ TP (HKD) SHK PPT (00016.HK)｜Neutral→ Buy｜80→102 KERRY PPT (00683.HK)｜Buy｜17.8→20 HENDERSON LAND (00012.HK)｜Buy｜27→30 SINO LAND (00083.HK)｜Buy｜11→10.7 AAStocks Financial News |
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