[ET Net News Agency, 17 October 2019] Goldman Sachs lowered its target price for Hang
Lung Properties (HLP)(00101) to HK$18 from HK$20 and downgraded its rating to "sell" from
"neutral" on relative outperformance while earnings recovery is unlikely to be fast.
The research house thinks the thesis of HLP seeing continued improvement in mainland
China operations and additional contributions from new openings is intact. However, on the
back of the weaker RMB and softer HK rental outlook, its earnings recovery path is
unlikely to be as fast as Goldman previously expected.
Goldman now forecast underlying EPS CAGR of 3% for FY2019-21 (versus 5% previously)
after incorporating our slower rental assumptions (Goldman looks for 8% FY2018-21 CAGR of
net rental) and residential sales progress. (KL)
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00101 HANG LUNG PPT
Nominal 
8.210 +0.100 (+1.233%) Others
17/10/2019 11:42
{I-bank focus}Goldman lowers Hang Lung Properties to "sell"
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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