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UBS Group: Hong Kong property stocks offer attractive dividend yield, preference for Henderson Land and Kerry PPT.
UBS Group released a research report stating that most Hong Kong real estate companies currently have a dividend yield of 7%-10%, providing a certain level of buying opportunities. The market is expected to see a rate cut by the Federal Reserve this year. When the market holds an optimistic attitude towards the rate cut, companies with sustainable dividend rates and attractive valuations are expected to perform better than the overall market. The bank said it will prioritize developers with sustainable dividends per share, rather than landlords, and Henderson Land (00012) and Kerry PPT (00683) are the bank's top picks. Swire Properties (01972) is also bullish, as its current high dividend yield may be sustainable. New World Dev (00017)
CITIC Securities: Maintaining New World Development's “Buy” Rating Target Price of HK$11
CITIC Securities released a research report stating that it maintains the New World Development (00017) “buy” rating, and considering that the company's business structure has undergone major adjustments, the company's core EPS forecast for the 2024-2026 fiscal year was adjusted accordingly to HK$3.53/3.55/4.27, with a target price of HK$11. In the first half of fiscal year 2024, the company completed the sale of newly created shares. The two major sectors of continuous operation, property development and property investment, performed well and had outstanding profitability. Retail consumer traffic in Hong Kong and mainland China picked up, and property sales support policies continued to be introduced. We expect the company to achieve it on a new business basis
NEW WORLD DEVEL CO To Go Ex-Dividend On March 20th, 2024 With 0.01278 USD Dividend Per Share
New World Development: 1H Net Profit From Continuing Operations HK$502.0M Vs HK$575.8M
Galaxy Lianchang: Hong Kong interest rates will follow the decline in US interest rates, and Hong Kong property prices are expected to drop by as much as 3% next year
The Federal Reserve is bound to cut interest rates next year. Zheng Huaiwu, head of China and Hong Kong research at Galaxy Lianchang Securities, said that Fed Chairman Powell's remarks indicated that members of the Federal Council discussed interest rate cuts during the meeting, raising the possibility of cutting interest rates in March next year to 77%, and that interest rates will be cut by 0.75% throughout the year. Based on the fall in US interest rates, I believe Hong Kong interest rates will follow, supporting the decline in Hong Kong property prices. It is expected that property prices in Hong Kong will fall by 0% to 3% next year. Zheng Huaiwu believes that under the joint exchange system, the trend of interest rates in Hong Kong is consistent with US interest rates. In the face of improving interest rate prospects, in addition to the Hong Kong government's drastic measures to relax the property market, it is expected that it will stimulate demand from mainland people, while at the same time, the retur
First Shanghai: Maintaining a “buy” rating for New World Development, with a target price of HK$19
According to a research report published by First Shanghai, New World Development (00017) Hong Kong has a dual engine layout in mainland Hong Kong, places equal emphasis on property development and ownership, maintains steady management and a good financial structure, and has a remarkable brand effect. It is expected that the recurring revenue ratio will rise to more than 50% of total revenue in 2026. As the company continues to deleveraging to optimize capital expenditure, return capital through the sale of non-core assets, buy back dollar bonds, reduce the net debt ratio, and improve operating efficiency. The bank expects the company's net profit of $670 million, $7.2 million and HK$750 million for the next three years, respectively. PB valuation based on company history
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