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<Research>JPM Selects HANG LUNG PPT/ SWIREPROPERTIES as Top Picks, Envisions Greater Upside Potential for HK Landlords
Recommend 5 Positive 8 Negative 1 |
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Probably because of several brokers' decision to raise forecasts for this year's Hong Kong property price growth to 5-10%, Hong Kong real estate stocks have already surged 11% YTD, outperforming the HSI by 6%, according to JPMorgan's research report. JPMorgan believes the market has likely priced in the solid recovery of Hong Kong's property market over the next two years, considering that many companies' stock prices have reached or are nearing historical peaks. At this juncture, JPMorgan estimates there will be greater potential upside for landlord stocks, since most of them are still more than 30% below their peaks, meaning that improvements in their commercial real estate businesses haven't been fully reflected in stock prices. JPMorgan has chosen HANG LUNG PPT (00101.HK) and SWIREPROPERTIES (01972.HK) as its top picks for their ongoing improvements in retail operations in China. WHARF REIC (01997.HK) could also become a dark horse if its management adopts a more positive stance on tenant sales prospects at the results conference to be held this March. Among developers, JPMorgan prefers SINO LAND (00083.HK) and HENDERSON LAND (00012.HK), but overall recommends waiting for better entry points. AAStocks Financial News |
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