[ET Net News Agency, 17 January 2018] Nomura Research lifted its target price for Hysan
Development (00014) to HK$52.4 from HK$49.5, and maintained its "buy" rating.
The research house said Lee Garden Three (LG3) was completed ahead of schedule by 4Q
2017, with pre-leasing for both office and retail premises going well. It estimated 10%
normalised ROI on the HK$2-2.5bn capex on the redevelopment. Nomura also estimated that
the redeveloped LG3, upon normalising by 2020, could generate gross and net rental income
of HK$400mn and HK$340mn, respectively.
Nomura said that the worst is over for the high-end retail rental market (for shopping
malls). In late 2016, as much as 25% negative rental reversion was recorded in Hysan's
retail portfolio. The research house expects the rental reversion is now back to being
largely neutral for Lee Garden's retail portfolio. (KL)
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00014 HYSAN DEV
Nominal 
12.700 -0.140 (-1.090%) Others
17/01/2018 14:36
[I-bank focus]Nomura ups Hysan Dev (00014) to HK$52.4
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