[ET Net News Agency, 1 March 2021] HSBC Global Research lifted its target price for
Hysan Development (00014) to HK$36.3 from HK$35.5 and maintained its "buy" rating.
The research house said Hysan reported weak FY2020 results. Looking ahead, HSBC expects
its retail rental portfolio to improve in 2021 given an easing of local social distancing
measures and better consumer sentiment related to COVID-19 vaccine development.
HSBC said Hysan has beefed up its balance sheet and started to participate in the land
market actively. Any successful acquisition could strengthen its earnings growth
visibility.
HSBC revised its 2021-22 core earnings by +0.2% to +2.9% to reflect higher rental
assumptions for its retail investment properties. (KL)