UBS Global Research lifted its end-2017 Hang Seng Index (HSI) target of 29,507 (prior target 26,330), which implies 13.2x 2018 PE; higher than the three-year average of 11.8x.
The research house assumed the finance and property sectors' end-2017 PEs will re-rate by 1 standard deviation from their three-year averages, while the commerce and utilities sectors' PEs will re-rate by 2 standard deviations.
In its base-case scenario, UBS assumed 10%/8% YoY earnings growth for the HSI in 2017/18. Its upside and downside end-2017 HSI index valuations are 30,881 and 26,939, which imply 12% upside and 3% downside, respectively.
19/09/2017 14:49
[I-bank focus]UBS lifts end-2017 HSI target to 29,507
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