[ET Net News Agency, 9 October 2017] Morgan Stanley has visited the construction sites
of Shun Tak Holdings' (00242) two key projects recently, namely Nova Grand in Macau, and
an integrated development in Hengqin.
It believes these will drive strong earnings and dividend growth, and higher recurrent
income in the medium term, potentially narrowing the discount to NAV from the current 65%.
Morgan expects Shun Tak to enter its investment-harvesting years starting in 2018,
driven mainly by Nova Grand in Macau, which will drive an EPS CAGR of 100% between 2016
and 2019, as well as higher dividends. It noted that Shun Tak's valuation is very
attractive at a 65% discount to NAV and 4x 2019 P/E.
Morgan maintained its "overweight" rating on Shun Tak, with a target price of HK$4. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00242 SHUN TAK HOLD
Nominal 
0.720 -0.010 (-1.370%) Others
09/10/2017 09:17
[I-bank focus]Shun Tak to enter investment-harvesting years
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