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00683 KERRY PPT
RTNominal down13.840 -0.120 (-0.860%)
Research Report

05/09/2019 17:50

{I-bank focus}UBS lowers Kerry Properties (00683) to HK$25.5

[ET Net News Agency, 5 September 2019] UBS Global Research lowered its target price for
Kerry Properties (00683) to HK$25.5 from HK$35 and maintained its "neutral" rating.
The research house believes Kerry will be less exposed to the social unrest in HK than
other property developers as the China business contributes over 50% of its asset value
(GAV).
However, given (1) rising office vacancy concerns in China, a result of slowing economic
activity; and 2) potential delay in China development property (DP) launches due to
differences in policy restrictions, UBS is cautious about Kerry's earnings and forecast a
4% CAGR decline over 2019-21. (KL)

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