Credit Suisse raised its target price for Hysan Development (00014) to HK$41.5 from HK$40.4, and maintained its "outperform" rating.
The research house said Hysan's FY2016 underlying profit of HK$2,369 was in line with CS's estimates. Retail and office rental income grew steadily at 3.5% and 3.9% YoY. However, some lease renewals in 2H 2016 already recorded negative rental reversions and management expects rental reversions to stay negative in 2017.
CS expects HK retail sales to stabilise in 2017. Completion of LG1 enhancement and LG3 redevelopment should offset the impact of negative rental reversion. CS revised its FY2017-18 EPS by -0.7% and +0.3%.
23/02/2017 17:53
[I-bank focus]Credit Suisse ups Hysan Dev (00014) to HK$41.5
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