[ET Net News Agency, 14 February 2018] Macquarie Research lifted its target price for
Kerry Properties (00683) to HK$48.22 from HK$41.79, and reiterated its "outperform"
rating.
The research house said the stock was one of the bestperforming HK developers in 2017,
up 67% versus peers at 29%, on a strong beat of interim earnings and dividends, but
Macquarie believes the excitement did not end there. It expects a strong rebound of gross
margin from 23% in 1H 2017 to 29% for 2017, 43% in 2018 and 49% in 2019.
For 2018, management did not rule out a decline in profits, but Macquarie sees limited
chance of that happening unless the company deliberately slows down sales of Mantin
Heights. Kerry targets launch of the Beacon Hill project towards the end of 2018, where
the research house assumed gradual sales over five years but at high ASPs of HK$50k psf
for apartments and HK$80k psf for villas, leading to margins of 35% and 55%. (KL)
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00683 KERRY PPT
Nominal 
13.840 -0.120 (-0.860%) Others
14/02/2018 16:05
[I-bank focus]MacQ ups Kerry Properties (00683) to HK$48.22
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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