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RTNominal down24.700 -0.250 (-1.002%)
Research Report

07/01/2021 14:03

{I-bank focus}JPM cuts Hysan Development (00014) to HK$28.8

[ET Net News Agency, 7 January 2021] J.P. Morgan lowered its target price for Hysan
Development Co (00014) to HK$28.8 from HK$29 and downgraded its rating to "neutral" from
The research house expects a 19% increase in retail sales in 2021 from a low base, but
it believes the pricing power for landlords will be muted.
Hysan was the third outperformer among Hong Kong property stocks. Given the high
expectation of normalization in 2021, JPM believes it will take the research house's
"optimistic" scenario, i.e., 3mn and 5mn monthly incoming tourists at mid-2021 and
end-2021, respectively.
Although the stock is trading at a 10% implied asset yield, JPM believes the 250bp
premium over other retail landlords was driven by the low liquidity in the stock. It
recommended that investors take profits on the stock. (KL)

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