[ET Net News Agency, 24 April 2020] Goldman Sachs lifted its target price for Hang Lung
Properties (HLP)(00101) to HK$19 from HK$17 and upgraded its rating to "neutral" from
"sell" as its current valuation indicates 16% upside, versus the sector average of 25%.
The research house sees downside risks given ongoing uncertainties in HK's rental
market, but it thinks HLP will continue to see improvement in mainland China operations
and additional contributions from new openings.
Management guided that their HK tenant sales would remain weak in the first three months
of this year, and the company may provide some rental concessions to the tenants.
Management sees mainland China's tier-two cities as having great growth potential in terms
of high-end to luxury spending and believes their track record in operations across
mainland China will give them competitive advantages.
After factoring in the latest sector growth assumptions, Goldman lowered its FY2020-22
EPS forecasts by up to 6%. (KL)
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00101 HANG LUNG PPT
Nominal 
8.310 -0.050 (-0.598%) Research Report
24/04/2020 17:17
{I-bank focus}Goldman upgrades Hang Lung Properties to HK$19
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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