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<Research>G Sachs Raises HK Home Prices Forecast to +15% This Yr, Favors HENDERSON LAND/ SHK PPT/, Cuts NEW WORLD DEV TP
Recommend 22 Positive 22 Negative 11 |
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Hong Kong residential prices and office rents have fared better than expected since the beginning of this year, prompting another upward revision to forecasts by Goldman Sachs. The broker expected local residential property prices to lift 15% this year (previously forecast to increase 12%), while forecasts for 2027 and 2028 remain unchanged at increases of 7% and 4%, respectively. The broker continued to prefer property developers, which it believed will benefit from a multi-year upcycle in Hong Kong's residential market. On individual stocks, Goldman Sachs raised TPs for multiple companies. The TP for HENDERSON LAND (00012.HK) was lifted from HKD38 to HKD41, representing an 8% increment, with a Buy rating and inclusion on the Conviction List Buy. The TP for SHK PPT (00016.HK) was raised from HKD164 to HKD170, up 4%, with a Buy rating. The TP for SINO LAND (00083.HK) was added from HKD15.2 to HKD16, up 5%, with a Buy rating. The TP for SWIREPROPERTIES (01972.HK) was lifted from HKD30 to HKD30.7, up 2%, with a Buy rating. The TP for HANG LUNG PPT (00101.HK) was maintained at HKD11.5, with a Buy rating. The TP for HYSAN DEV (00014.HK) was kept at HKD24.9, with a Neutral rating. However, Goldman Sachs cut the TP for NEW WORLD DEV (00017.HK) from HKD12.5 to HKD11, representing a 12% drop, with a Neutral rating, owing to its latest assessment of net debt and cash flow. The broker rated WHARF HOLDINGS (00004.HK) as Sell, with a TP maintained at HKD25, reflecting concerns over its mainland rental income, development property profits and the volatility of its equity investment portfolio. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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