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<Research>G Sachs Predicts 5% Rise in HK Property Prices w/ Another Drop of 5% in Office Rent This Yr, Adjusts TPs for HK Conglomerates & Developers
Recommend 26 Positive 39 Negative 34 |
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Goldman Sachs has released a research report maintaining its forecast of a 5% rebound in Hong Kong property prices this year, while lowering its office rent forecast from an expected 2% rise to another 5% decline. The broker also agreed with the market view that the residential sector will be the first to bottom out. Goldman Sachs revised its FY24-26 EPS forecasts for the companies under its coverage by -8% to 23%, and the target prices by -13% to 11%. After its preview of the FY24 results of Hong Kong developers, Goldman Sachs noted that HENDERSON LAND (00012.HK), KERRY PPT (00683.HK), and MTR CORPORATION (00066.HK) may cut dividends or adjust their dividend policies. The broker continued to favor companies with dividend sustainability (such as Swire group and Wharf REIC) either supported by strong balance sheets or free cash flow, companies that could benefit from a potential stabilization in the Hong Kong property market and Hong Kong/Mainland retail sales (such as SHKP, Link REIT, and Hang Lung), and companies with potential for M&A or restructuring (such as CKH). Goldman Sachs' investment ratings and target prices for Hong Kong conglomerates and developers are listed as follows: Stock | Investment Rating | Target Price WHARF HOLDINGS (00004.HK) | Sell | $23 → $20 HYSAN DEV (00014.HK) | Neutral | $15.2 HANG LUNG PPT (00101.HK) | Buy | $9.5 → $9.1 SWIREPROPERTIES (01972.HK) | Buy | $20 WHARF REIC (01997.HK) | Buy | $29.4 → $26.5 LINK REIT (00823.HK) | Buy | $49 → $46 CKH HOLDINGS (00001.HK) | Buy | $59 → $56 SWIRE PACIFIC A (00019.HK) | Buy | $80 → $89 MTR CORPORATION (00066.HK) | Buy | $33.9 → $31.5 CKI HOLDINGS (01038.HK) | Neutral | $57.7 → $58.7 AAStocks Financial News |
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