BOCOM International Research lifted its target price for SHK Properties (SHKP) (00016) to HK$140.28 from HK$127.21 and maintained its "buy" rating.
The research house said SHKP's 1H FY2021 underlying profit jumped 30.2% to HK$17.5bn, in line with BOCOM's estimate. During the period, SHKP's HK contracted sales slid to HK$11.3bn, only achieving 32.2% of its FY2021 target of HK$35bn. EBIT margin of HK property development grew 1.6ppts to 44.7%.
Rental revenue from the mainland China portfolio increased by 18.8% to HK$2.9bn. BOCOM expects SHKP's rental income from the mainland to grow at mid-teen CAGR in the next three years, due to multiple new completions.
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