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Research Report

29/12/2020 12:30

{I-bank focus}Citi ups Hysan Development (00014) to HK$33.2

[ET Net News Agency, 29 December 2020] Citi Research raised its target price for Hysan
Development (00014) to HK$33.2 from HK$28.2 and maintained its "buy" rating.
The research house said Hysan could be considered as the second HK property company
after Wharf REIC (01997) most levered to the HK luxury retail segment. That said, Citi
believes its significant debt and perpetual securities raised throughout 2020 would boost
its interest expense and partially offset the positives on a potential luxury recovery.
Given abundant cash on hand with an improving outlook on COVID vaccinations, Citi
expects Hysan will be able to maintain a steady DPS of HK$1.44/share in spite of a likely
decline in earnings. (KL)

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