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RTNominal down31.300 -0.250 (-0.792%)
Research Report

26/02/2021 16:50

{I-bank focus}Goldman ups Hysan Development (00014) to HK$28

[ET Net News Agency, 26 February 2021] Goldman Sachs lifted its target price for Hysan
Development (00014) to HK$28 from HK$27 and maintained its "sell" rating.
The research house said Hysan's FY2020 underlying profit of HK$2,398mn was slightly
above Goldman's forecast. Overall, while Goldman thinks the incremental city re-openings
could be a positive catalyst, a quick rebound in retail tourism may not be imminent.
For HK retail, Goldman's analysis shows that a "new normal" of tenant sales could be
31%/11% lower for prime/local malls. It sees this set of numbers as largely reflecting the
harsh operating environment amid COVID-19 in 2020.
Goldman revised its FY2021-22 EPS forecasts by 3.2%. (KL)

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