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<Research>G Sachs Cuts HK Home Price Forecast to Flat This Yr, Likes SHK PPT/ CK ASSET
Recommend 17 Positive 33 Negative 11 |
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Goldman Sachs released a research report expecting a price bottom to form this year after Hong Kong's residential property prices fell by nearly 30% in total from the 2021 peak. Taking into account YTD price changes (-2%) and inventory overhang, the broker lowered its 2025/ 2026/ 2027 physical home price forecasts to nil/ +3%/ +4% YoY, compared to its prior forecasts of +5%/ +4%/ +4% YoY. Goldman Sachs continued to prefer stocks with diversified business exposure, and kept ratings at Buy on both SHK PPT (00016.HK)/ CK ASSET (01113.HK), with target prices of $86/ $45.7 each, offering recurring free cash flow yields of 8-9%. The broker also kept ratings at Sell on NEW WORLD DEV (00017.HK)/ HENDERSON LAND (00012.HK), with target prices of $4.4/ $18.8 respectively, as their leverage and/or capital expenditure burden may weigh on DPS outlook, as compared to their lower recurring free cash flow yields of 6-7%. AAStocks Financial News |
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