[ET Net News Agency, 29 January 2021] Goldman Sachs lifted its target price for Hang
Lung Properties (HLP) (00101) by 3% to HK$26 and maintained its "buy" rating.
The research house said HLP's FY2020 underlying profit of HK$4,201mn was in line with
Goldman's estimate. The fast growth in Mainland China's rental operating profit of 18% has
finally helped to bring it to become the bigger share of contributions at 54% of total
operating profit, higher than HK's 46%.
Despite the impact from COVID-19, the Mainland China business experienced a V-shape
recovery quickly after April and its full-year retail rental portfolio saw 19% growth in
revenue to RMB3.7bn, helped by a jump in luxury goods spending.
Factoring in this set of results, the latest rental run-rates, and more capitalization
on the interest expense front, Goldman revised its FY2021-22 EPS estimates by 4%. (KL)
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00101 HANG LUNG PPT
Nominal 
5.720 +0.130 (+2.326%) Research Report
29/01/2021 16:19
{I-bank focus}Goldman lifts Hang Lung Properties to HK$26
| Remark: | Real time quote last updated: 20/09/2024 14:20 |
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