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HSBC Upgrades Hysan Development to Buy From Hold; Price Target Is HK$18.40
Hysan Development's Unit to Issue $4 Billion Medium-Term Bonds
These 4 Measures Indicate That Hysan Development (HKG:14) Is Using Debt Extensively
UBS Group: Preferring developer stocks, with Henderson Land and Kerry Properties as top choices.
UBS Group released a report stating that due to the cyclical downturn in the residential market, the bank is more bullish on developers rather than house rental companies because strong rental growth indicates a healthy potential supply/demand. The bank expects real estate sales and prices to stabilize as interest rates become more favorable. TaiKoo (01972), Henderson Land (00012), and Kerry PPT (00683) are its top picks. UBS Group stated that Hong Kong's retail sales in August decreased by 10.1% year-on-year, reaching only 29 billion Hong Kong dollars, slightly below the market consensus of a 9% year-on-year decline, but the year-on-year decline has slightly narrowed. The bank estimates that there are a significant number of Hong Kong people leaving the city, while on the other hand, the numbers
Daiwa: Expects Hong Kong's retail sales growth rate to remain negative in the second half of the year, prefers Link and rates it as a "shareholding".
Morgan Stanley released a report stating that Hong Kong's August retail sales narrowed by 10% year-on-year (July: -12%), despite a record high number of Hong Kong residents traveling abroad, the data still exceeded the bank's expectations. The visibility of recent improvements in retail sales remains very low. The bank's top pick is Link REIT (00823), with an investment rating of "shareholding". Morgan Stanley pointed out that Wharf REIC (01997), Link and Hysan Dev (00014) have underperformed the Hang Seng Index by 23-40 percentage points since the beginning of the year. Retail sales were negative in March. The bank expects Hong Kong's retail sales growth rate to remain negative in the second half of this year, indicating a negative trend for these stocks.
[Brokerage Focus] BOC International believes that the Fed's rate cut has already been reflected in the stock prices of Hong Kong property stocks. Bullish on trading after the rate cut, focusing on Link REIT (00823) and Henderson Land (00083).
King's Financial News | ICBC International issued research reports, believing that the Fed rate cut has been largely reflected in the prices of Hong Kong property stocks, expecting Hong Kong interest rates to not follow the rate cut before the end of this year, and that interest rates are just one of the factors affecting property stocks. The bank stated that due to Hong Kong not following the rate cut in the short term, it is expected that the sales volume of first-hand residences in Hong Kong will remain stagnant, leading to further adjustments in residential property prices. Currently, there is an oversupply in the property market, requiring a pause in land supply for a period of time. In addition, the sensitivity of major developers' rental business to interest rate cycles is lower than that to economic cycles, and it is estimated to take 1-2 years for recovery. The most direct benefit of the rate cut for developers is reduced interest expenses. The bank estimates
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