[ET Net News Agency, 22 August 2024] Citi raised the target price for Kerry PPT (00683)
to HKD17.6 from HKD17.2 and maintained the "buy" rating.
The research house said it sees the Shanghai project is good for LT capital appreciation
with 7% initial yield on cost upon completion given the prime location, but the long
development cycle (Phase 2 in 2028+) could make the project at a negative equity value to
shareholders if rate is high. (rc)