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00101 HANG LUNG PPT
RTNominal up8.400 +0.030 (+0.358%)
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30/05/2018 15:09

[I-bank focus]MS sees strong rental growth for Hang Lung PPT

[ET Net News Agency, 30 May 2018] Morgan Stanley said the initial yield on cost of 4-5%
of Hang Lung Properties' (00101) Hangzhou site acquisition is below its preliminary
estimate, but meets the company's hurdle rate and is similar to that of other Tier 2
projects opened by Hang Lung.
The research house believes that construction cost of Rmb43K psm is double what was
earmarked for Kunming and Wuhan. If that were to decrease, return on invested capital
(ROIC) could go as high as 6%.
Morgan Stanley expects strong rental growth prospects in 2019/20 upon opening of new
malls and Grand Gateway renovation completion (in phases). Thus, it expect dividends to
increase. (HL)

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