[ET Net News Agency, 18 July 2018] Nomura lifted its target price for Kerry Properties
(00683) to HK$38.1 from HK$36.2, and reiterated its "neutral" rating.
Kerry is expected to announce its 1H18F interim results in mid-August. The research
house expects core profits to be HK$2.75bn, implying a -3% y-y growth. It forecast 1H DPS
at HK$0.49/share, implying a 9% y-y growth given it is tied to recurring rental income
growth, which we project it to be HK$2.1bn, or +9% y-y growth.
After a strong 1H 2017 in HK property bookings thanks to completion of Mantin Heights
during 1H 2017, Nomura expects 1H 2018 bookings will only be coming from inventory sales
of Mantin Heights and The Bloomsway.
It expects profit contribution to be HK$506mn from HK property segment, implying a -57%
y-y decline. In China, it expects gross profit to be HK$1,440mn, thanks to solid property
bookings from Hangzhou Castalia Court, Nanjing Jinling Arcadia Court and Shenyang Arcadia
Court Phase 1. (KL)
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00683 KERRY PPT
Nominal 
14.340 0.000 (0.000%) Others
18/07/2018 15:20
[I-bank focus]Nomura ups Kerry Properties (00683) to HK$38.1
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