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<Research>UBS: Developers May Be Pressured as Policy Address Doesn't Announce Residential Stamp Duty Cut, but HENDERSON LAND May Outperform Peers
Recommend 7 Positive 19 Negative 16 |
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The new Policy Address did not announce the anticipated reduction in residential stamp duty, and there was no progress on 'Property Capital Connect Scheme' or a timeline for the REIT Connect, UBS said. The broker expected homebuilders to face slight pressure on the lack of tax cut measures, but HENDERSON LAND (00012.HK) may perform better than its peers, benefiting from accelerated farmland recovery, increased flexibility in conversion premium payments and higher plot ratios granted for urban redevelopment projects. UBS rated HENDERSON LAND at Buy, with a target price of $29. As for SHK PPT (00016.HK), it may be pressured due to lower dividend yield and the absence of residential stamp duty cut, with rating at Buy and a target price of $96. Furthermore, LINK REIT (00823.HK) and WHARF REIC (01997.HK) may underperform peers due to limited progress on REIT Connect and insufficient measures to attract tourists. The broker rated the two stocks at Buy/ Neutral, with target prices of $44.2/ $20, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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