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<Research>JPM: Mkt Overly Concerns About Rate Hike Impact on HK Homebuilders; Rates Expected to Stay Unchanged for Next 4 Quarters
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There are recent market concerns about rate hikes from inflation or geopolitical factors may lead to a valuation decline in the Hong Kong property sector, according to JPMorgan's research report. The broker's base assumption is that rates will remain unchanged for the next four quarters, while homebuyers still enjoy a slightly positive interest margin now, expecting the sector to withstand an environment of unchanged interest rates. Among the stocks covered by JPMorgan, the earnings of NEW WORLD DEV (00017.HK) and HENDERSON LAND (00012.HK) are most sensitive to interest rate changes. Excluding interest rate factors, other fundamentals of the sector remained solid, and the broker maintained a positive view. Its top picks are SHK PPT (00016.HK) and SINO LAND (00083.HK) among developers, and SWIREPROPERTIES (01972.HK), Hongkong Land and HANG LUNG PPT (00101.HK) among landlords. AASTOCKS Financial News Website: www.aastocks.com |
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