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Research Report

07/05/2020 17:42

{I-bank focus}Morgan revises 2020 home price outlook to +5%

[ET Net News Agency, 7 May 2020] Morgan Stanley revised its 2020 HK residential price
outlook to +5% (previously 5-10%). It noted that the COVID-19 outbreak has resulted in a
significantly lower GDP and a 10-year high jobless rate. These are generally negative for
residential prices.
However, due to several distinctive characteristics of this market, the research house
remains bullish on residential prices as well as stocks exposed to this segment.
Morgan expects new launches to resume in the next couple of months and to be met by
pent-up demand. Structurally, it believes residential prices may remain strong for longer.
Morgan prefers Sun Hung Kai Properties (00016) and New World Development (00017) among
its coverage due to their high trailing dividend yield (4.8% and 5.7%, respectively),
which Morgan believes is sustainable, given recurring income (non-development business)
can support the dividend. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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