[ET Net News Agency, 3 March 2021] Morgan Stanley tweaked its target price for Sun Hung
Kai Properties (0016) to HK$73 from HK$72 and maintained its "overweight" rating.
The research house updated its latest assumptions based on the reported 1H FY2021
numbers and company guidance. Morgan lowered the HK rental EBIT forecast by 8% from its
previous estimates, due to higher-than-expected HK concession booking in 1H.
However, this is offset by China rental EBIT, which was revised up by 15%, due to
better-than-expected turnover rent. It also adjusted HK development property booking for
2H FY2021 down, due to projects already booked in FY2020. As a result, its FY2021 EPS
estimate declined by 7%. (KL)