Goldman Sachs lowered its target price for Sun Hung Kai Properties (SHKP)(00016) to HK$145 from HK$172 and maintained its "buy" rating.
The research house said about half of SHKP's earnings are driven by recurring rentals, which Goldman expects to deliver a 3% CAGR over the next three years amid positive rental reversions and new completions.
Goldman lowered its EPS forecasts for SHKP by up to 6% on the back of our revisions to sector growth assumptions, and it also expanded the target discount by 10pp to 35% to reflect a slower growth path for its rental portfolio.
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