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Morgan Stanley: Cuts KERRY PPT Target Price to HKD 16, rating "In line with the market."
Morgan Stanley released a research report stating that KERRY PPT (00683) recorded growth in contract sales and Real Estate sales in the mainland, mainly driven by residential projects in Hangzhou and Tianjin. The bank has raised the group's gross profit forecast for the fiscal years 2025 and 2026 by 17% and 25%, respectively. However, the bank lowered the group's earnings per share estimates for 2025 and 2026 by 7% and 14% to reflect the increase in net financial costs and the higher land value tax imposed on mainland developers, with the Target Price accordingly slightly reduced from HKD 17 to HKD 16, maintaining a rating of "in line with the market."
Investors Appear Satisfied With Kerry Properties Limited's (HKG:683) Prospects
UBS Group: Maintains KERRY PPT (00683) 'Buy' rating and raises the Target Price to HKD 21.4.
UBS Group pointed out that KERRY PPT's basic profit increased by 25% year-on-year in 2024, excluding the impact of special projects and non-cash fair value changes of investment properties, surpassing the bank's expectations.
Bank of America Securities: Reaffirms KERRY PPT 'Buy' rating and raises Target Price to 20 Hong Kong dollars.
Bank of America Securities released a Research Report stating that it reaffirms KERRY PPT (00683) with a "Buy" rating, raising the Target Price from HKD 17.3 to HKD 20. The bank pointed out that KERRY PPT's basic profit last year was HKD 3.973 billion, and the annual dividend was HKD 1.35, both in line with expectations. The bank expects that higher development property earnings will reduce the risk of the group's balance sheet and support its stable dividend policy, while lowering the forecast for KERRY PPT's core profit in 2025 by 1%, but raising the 2026 forecast by 4%.
Bank of America Securities: Reiterates KERRY PPT (00683) "Buy" rating and raises Target Price to 20 Hong Kong dollars.
The bank has lowered the core profit forecast for KERRY PPT in 2025 by 1%, but raised the forecast for 2026 by 4%.
Citi: Raised KERRY PPT to a "Buy" rating and adjusted the Target Price to HK$21.8.
Citi released a Research Reports stating that it gives KERRY PPT (00683) a "Buy" rating, with the Target Price raised from HKD 17.6 to HKD 21.8. KERRY PPT aims to improve its capital net debt ratio to about 35% by mid-2026. The group's primary task is deleveraging, followed by dividend distribution. Citi mentioned that KERRY PPT's "Jinling Huating" in Shanghai is about to launch, with estimated sales for the project exceeding HKD 20 billion this year. Additionally, retail rents in the mainland remain resilient. In Hong Kong, there is still 47% inventory for "Ti Wai" in Kowloon Tong, along with new projects available for sale. The bank expects the group's gross profit from property development this year.
