HSBC Global Research lowered its target price for Sun Hung Kai Properties (SHKP)(00016) to HK$145.2 from HK$163.2 and maintained its "buy" rating.
The research house said SHKP reported a stable set of results for FY2019 with underlying profit growth of 6.6% to HK$32.4bn. While its rental income is expected to see a slowdown due to market uncertainty, its strong contracted sales should give SHKP good earnings visibility.
HSBC estimated over 73% of FY2020 property sales earnings are already locked-in and expects its core earnings to accelerate to 7.3% to HK$34.8bn.
全新etnet健康網購，送你【健骨維他命D3(1000IU)】乙樽(價值$108)► 立即行動！
