[ET Net News Agency, 16 September 2019] Macquarie Research lowered its target price for
Sun Hung Kai Properties (SHKP)(00016) to HK$159.17 from HK$172.06 and maintained its
"outperform" rating.
The research house said, a year ago, it commented that management of SHKP was too
conservative in setting its FY2019 HK sales target at HK$42.5bn when Macquarie was
projecting HK$60bn, which the company subsequently achieved in just nine months.
This time, management again adhered to prudent guidance, of HK$40bn for FY2020, which
Macquarie expects it to beat by 35% to achieve HK$54bn, followed by HK$57bn in FY2021.
Macquarie cut its ASP estimate for upcoming launches by 5-10% to reflect the downturn of
the local and global economies in addition to the volatile market sentiment. (KL)