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00683 KERRY PPT
RTNominal up19.780 +0.080 (+0.406%)
Others

18/03/2020 17:29

{I-bank focus}Goldman ups Kerry Properties (00683) to HK$27

[ET Net News Agency, 18 March 2020] Goldman Sachs raised its target price for Kerry
Properties (00683) to HK$27 from HK$26 and retained its "neutral" rating.
The research house said Kerry's 2019 underlying profit of HK$5,396mn was above Goldman's
estimate, mainly on higher margins at HK development properties.
At the analysts' briefing, management sees that the real estate market has entered a
period of adjustment against a background of tighter government controls and prudent
financing policies with adverse global trading conditions and geopolitical tensions.
Management also noted sale volume of property transactions fell in 2019 as both global
trade tensions and local social unrest weighed on sentiment, and they would adopt a
cautious approach in the business rollout and mainly focus on inventory sales without a
new project launch.
Goldman revised its 2020-21 EPS forecasts by 2%, on this set of financial results and
revisions to its property development assumptions. Given the uncertainties in the pace of
contracted sales in HK, Goldman currently looks for a 21% earnings decline in FY2020,
while penciling a flat DPS. (KL)

Remark: Real time quote last updated: 30/09/2020 17:59
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