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<Research>JPM Elevates SHK PPT (00016.HK) TP to $70, Expects DPS to Bottom Out
Recommend 5 Positive 8 Negative 4 |
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Underlying profit of SHK PPT (00016.HK) for FY24 ending in June dropped 9% YoY to $22 billion, in line with JPMorgan's forecast but 4% below the market's expectation, the broker said in a research report. The drop in profit was mainly driven by lower profits from property development and higher interest expenses, partly offset by growth in rental income. DPS for the full financial year fell 24%, also in line with the broker's projections. JPM expected SHKP's EPS and dividend to bottom out and return to growth in FY25 and FY26, with the group's basic EPS expected to grow by 9% and 5% respectively. The broker also pointed out that SHKP's share price, which has long been positioned as a representative of the Hong Kong property market, is expected to fluctuate within the range unless there is a significant recovery in Hong Kong property prices. The broker maintained a Neutral rating on SHKP and raised its target price from $68 to $70. AAStocks Financial News |
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