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RTNominal down20.550 -0.100 (-0.484%)

20/03/2020 16:46

{I-bank focus}JPM upgrades Kerry Properties to "overweight"

[ET Net News Agency, 20 March 2020] J.P. Morgan lowered its target price for Kerry
Properties (00683) to HK$25.5 from HK$27.5 but upgraded its rating to "overweight" from
The research house said the upgrade was based on (1) distressed valuation, (2)
management's commitment to a sustainable DPS, ensuring a 6.5% yield, and (3) satisfactory
primary sell-through over the weekend that paves the way for a recovery of home market
While the luxury market could face more challenges, JPM still expects a window to emerge
for Kerry to launch its projects with depreciated Rmb and lower interest rates. On the
flip side, Kerry will be able to maintain two years of dividend even in the absence of
property sales based on JPM's estimates. (KL)

Remark: Real time quote last updated: 21/09/2020 10:42
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