[ET Net News Agency, 28 February 2020] Morgan Stanley lowered its target price for Sino
Land (00083) to HK$11 from HK$11.5 to reflect the decline in hotel EBIT and rental
valuation, as well as net debt as of December-2019. Morgan maintained its "equal-weight"
rating.
The research house lowered its estimates for property rental revenue and EBIT for 2H
2020 by 12% and 16%, respectively. It also slashed its estimate for hotel EBIT in 2H by
37% due to weak performances in Sydney and Hong Kong. As a result, its EPS for FY2020 fell
by 14% from its previous estimates.
Morgan now expects only 40% of the sales proceeds to be booked by June-2021, as the
"Grand Central" project's certificate of compliance date is expected in April-2021, while
the actual key handover could be after the financial year-end. (KL)
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00083 SINO LAND
Nominal 
8.050 0.000 (0.000%) Research Report
28/02/2020 17:48
{I-bank focus}Morgan Stanley cuts Sino Land (00083) to HK$11
| Remark: | Real time quote last updated: 25/04/2024 07:48 |
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