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<Research>UBS Favors CK ASSET, SINO LAND & Other Stocks with Net Cash & High Div. Yields; HK Office & Retail Mkts Under ST Pressure
Recommend 12 Positive 16 Negative 8 |
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Given that the HSI has already fallen by 11% from its peak, the recovery of the Central office market may receive a negative impact in the near term, UBS wrote in its research report. Meanwhile, IPO activities may slow down, and financial institutions may freeze their expansion plans due to escalated market uncertainty. UBS also believes that the rising oil price will have a net negative impact on Hong Kong's retail market. The broker estimates fewer high-spending overnight visitors, and it doesn't expect local consumption to remain high, considering last year's high base effect, increased price sensitivity among local customers, accelerating northbound and online consumption to offset higher product costs, and a stronger USD under the linked exchange rate system. Among all the stocks under its coverage, UBS prefers those with net cash, high dividend yields, and potential for share buybacks, including CK ASSET (01113.HK), SINO LAND (00083.HK), SWIREPROPERTIES (01972.HK), KERRY PPT (00683.HK), and HANG LUNG PPT (00101.HK). As for NEW WORLD DEV (00017.HK), HENDERSON LAND (00012.HK), SHK PPT (00016.HK), MTR CORPORATION (00066.HK), WHARF REIC (01997.HK), and other stocks with high valuations and net gearing, UBS takes a cautious stance. Stocks|Investment Ratings|Target Prices (HKD) Developers: SHK PPT (00016.HK)|Neutral|143.8 NEW WORLD DEV (00017.HK)|Sell|4 KERRY PPT (00683.HK)|Buy|29.3 WHARF HOLDINGS (00004.HK)|Sell|16.3 CK ASSET (01113.HK)|Buy|62 HENDERSON LAND (00012.HK)|Neutral|30.5 SINO LAND (00083.HK)|Buy|14.3 Landlords: LINK REIT (00823.HK)|Buy|42 MTR CORPORATION (00066.HK)|Sell|24 HANG LUNG PPT (00101.HK)|Buy|9.6 WHARF REIC (01997.HK)|Neutral|23 HYSAN DEV (00014.HK)|Neutral|22.4 SWIREPROPERTIES (01972.HK)|Buy|29.6 CHAMPION REIT (02778.HK)|Neutral|2.3 AAStocks Financial News |
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