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<Research>CLSA Downgrades HENDERSON LAND to Hold; Residential Mkt Has Yet to Reach Turning Pt
Recommend 3 Positive 7 Negative 5 |
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The relaxation of stamp duty on small units has driven up Hong Kong's real estate sales growth YTD, yet property prices remained sluggish and recorded a drop of 1%, according to a CLSA research report. Following a recent nosedive in the HIBOR, the market has turned optimistic about the Hong Kong residential market, but CLSA didn't consider it unquestionably sustainable for the HIBOR rates to stay at the current low level. To reflect the slowdown in real estate sales and the impact of US tariffs, CLSA trimmed its 2025-26 earnings forecasts for HENDERSON LAND (00012.HK) by 21.4% and 16%, respectively, and its target price from HKD23.7 to HKD23.1. CLSA also downgraded HENDERSON LAND's rating from Outperform to Hold due to the recent stock price rally. The broker opined that the Hong Kong residential market has yet to reach a turning point. AAStocks Financial News |
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