HSBC raised its target price for Sun Hung Kai Properties (00016) to HK$147.7 from HK$143.4 and maintained its "buy" rating.
SHK acquired a Pak Shek Kok residential site at a land cost of HKD6.3bn. The research house estimates the gross margin of the project could reach 23% when it is launched in 2021e.
They estimate the company has achieved contracted sales of HKD41bn FYTD and should reach a new high of HKD47bn, given abundant saleable resources, in FY19e (the previous high
was HKD45bn in FY17).
They think SHK should have a competitive advantage in growing its sales scale, given its abundant saleable resources.
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