Goldman Sachs lowered its target price for Kerry Properties (00683) to HK$37 from HK$38 and maintained its "neutral" rating.
The research house said Kerry's 1H underlying profit was above Goldman's estimate mainly on faster property sales recognition in China and also higher development margins across both HK and China.
With unbooked contracted sales up for recognition in 2H relatively small, Goldman sees a relatively low level of profit lock-in (when compared to other HK listed developer peers) and its earnings outlook would hinge on the sales pacing/market sentiment on its currently selling projects including Mont Rouge, the luxury residential sites in Beacon Hill launched not long ago.
Goldman revised down its 2019-21 EPS forecasts by 5% to 7% on this set of financial results and revisions to its property development assumptions.
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