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<Research>G Sachs Upgrades SHK PPT to Buy, Downgrades HENDERSON LAND to Sell
Recommend 6 Positive 13 Negative 11 |
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The revenue and EBITDA of the development property sector of Hong Kong have nearly halved from its peak in 2019, dragging down the ROA and ROE of Hong Kong's property developers, Goldman Sachs issued a research report saying. Goldman Sachs expected the gross profit margin of Hong Kong developers' development properties to fall below 30%, and continue to affect the ROA of development properties. Goldman Sachs added that while affordability has improved following the decline in residential property prices, the improvement is only in line with the real residential mortgage rate rising pace, which is not yet reflected in property value. Goldman Sachs upgraded SHK PPT (00016.HK) from Neutral to Buy, but downgraded HENDERSON LAND (00012.HK) from Neutral to Sell, with target prices revised to $92 and $21.4, respectively. AAStocks Financial News |
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