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<Research>JPM Names HANG LUNG PPT/ SWIREPROPERTIES/ SINO LAND as Top Picks; HK Developers' Results Bottom Out
Recommend 21 Positive 23 Negative 12 |
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The earnings season for Hong Kong developers will roll in at the end of January. JPMorgan released a report expecting most developers to see their results bottom out, with a rebound expected to take place in FY26. Regarding NEW WORLD DEV (00017.HK), as the most concerning risks have been fully reflected, JPMorgan upgraded its rating from Underweight to Neutral. The developer's upcoming results are expected to show slight improvement. JPMorgan also highlighted that Hong Kong's retail and office rental income is still under short-term pressure due to negative growth, though the retail performance in Mainland China is positive. The broker named HANG LUNG PPT (00101.HK), SWIREPROPERTIES (01972.HK), and SINO LAND (00083.HK) as its top picks for property stocks. JPMorgan's investment ratings and target prices for developers are listed as follows: Stock | Investment Rating | Target Price SHK PPT (00016.HK) | Neutral | HKD92 → HKD109 HENDERSON LAND (00012.HK) | Overweight | HKD31 → HKD33 CK ASSET (01113.HK) | Neutral | HKD36 → HKD41 SINO LAND (00083.HK) | Overweight | HKD11 → HKD12.5 NEW WORLD DEV (00017.HK) | Underweight → Neutral | HKD4.3 → HKD9.5 SWIREPROPERTIES (01972.HK) | Overweight | HKD24 → HKD27 WHARF REIC (01997.HK) | Overweight | HKD27.5 HANG LUNG PPT (00101.HK) | Overweight | HKD10 → HKD11.5 LINK REIT (00823.HK) | Neutral | HKD38 → HKD36 AAStocks Financial News |
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