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00242 SHUN TAK HOLD
RTNominal up0.660 +0.020 (+3.125%)
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03/09/2018 14:45

[I-bank focus]Citi lowers Shun Tak (00242) to HK$4

[ET Net News Agency, 3 September 2018] Citi Research lowered its target price for Shun
Tak (00242) to HK$4 from HK$4.1, and maintained its "buy" rating.
The research house said Shun Tak's 1H underlying profit of HK$186m decline versus
HK$718m in 1H 2017 was primarily due to the lack property profit booking. It estimated
Shun Tak to recognize profit from 15% of Nova Grand, and gain on disposal of its 50% stake
in the Nova Grand's shopping centre to Abu Dhabi Investment Authority in 2H.
Mainly reflecting management's latest guidance on property profit booking, Citi adjusted
its FY2018-20 earnings by -6 to +34%. It said the stock is currently trading at a deep 63%
discount to NAV (versus historical average of 40%). (KL)

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