[ET Net News Agency, 24 August 2018] UBS Global Research lowered its target price for
Kerry Properties (00683) to HK$42.41 from HK$47.07, and maintained its "buy" rating.
The research house said Kerry's interim net core earnings of HK$1,552mn missed UBS's
estimate by 26%, mainly attributed to the substantial drop in completion of HK projects,
and the provision for impairment losses of HK$1.2bn on its Macau project.
Due to the Macau project withdrawal and lower RMB assumption, UBS lowered its 2018-20
earnings forecasts by 24%/7%/8%. It also lowered its 2018-20 dividend forecasts by 21-22%,
representing an average payout of 35%. (KL)