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00016 SHK PPT
RTNominal down75.450 -0.600 (-0.789%)
Research Report

24/04/2020 17:11

{I-bank focus}Goldman cuts Sun Hung Kai Properties to HK$124

[ET Net News Agency, 24 April 2020] Goldman Sachs lowered its target price for Sun Hung
Kai Properties (SHKP)(00016) to HK$124 from HK$137 and downgraded its rating to "neutral"
from "buy" post relative share price outperformance.
The research house sees the COVID-19 outbreak has added downside risks to the local
economy in the short term and thus to SHKP's HK portfolio, which accounts for 74% of NAV
(the rest is largely in Mainland China).
Looking ahead, management expects positive rental reversions across both office and
retail segments this year, while there would be some near-term impact from the various
tenant relief measures.
However, on the residential sales front, given the current COVID-19 situation, there is
a likelihood that they are not going to achieve the HK$40bn p.a. contracted sales target
level. After factoring in the latest sector growth assumptions, Goldman lowered its
FY2020-22 EPS forecasts by up to -1%. (KL)

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