[ET Net News Agency, 30 September 2020] UBS Global Research lowered its target price
for Hang Lung Properties (HLP)(00101) to HK$24.2 from HK$22.5 and maintained its "buy"
rating.
The research house lifted its 2020-22 earnings forecasts by 1-4% for HLP, mainly due to
a stronger year-to-date luxury retail sales recovery. UBS believes strong earnings growth
from Chinese rentals (+17% CAGR during 2019-22) will outweigh weak rental growth in Hong
Kong (-5% CAGR).
Thus, it forecast an overall earnings CAGR of 8%. Moreover, UBS thinks HLP's Hong Kong
rental income could surprise to the upside if the COVID-19 outbreak remains under control
and cross-border activity normalises. (KL)
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00101 HANG LUNG PPT
Nominal 
8.210 +0.100 (+1.233%) Others
30/09/2020 10:54
{I-bank focus}UBS lifts Hang Lung Properties to HK$24.2
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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