[ET Net News Agency, 26 February 2021] Citi Research lifted its target price for SHK
Properties (SHKP) (00016) to HK$145.3 from HK$132 and maintained its "buy" rating.
The research house believes investors have been treating SHKP as a proxy to the overall
Hong Kong situation, due to its 72% GAV (gross asset value) in HK assets and as it is
well-diversified into residential, retail, and office categories.
With the COVID-19 vaccinations carrying out in HK throughout 2021, Citi expects SHKP to
benefit from improving HK's mass residential sales and its retail sales performance. On
the investment properties front, helped by its diversified and well-managed portfolio,
Citi expects SHKP to deliver a 3.1% rental CAGR for FY20-23 even after factoring in the
COVID-19 impact and a gradual recovery scenario. (KL)