Gelonghui reported on September 10 that Sun Hung Kai Properties (0016.HK)'s net rental income for fiscal year 2021 was in line with expectations, with an annual growth rate of 3.1% to HK $19.15 billion. Even though it had expenditure related to rent concessions during the year, thanks to the strong rental mix in the mainland and the bottoming out of Hong Kong rental performance, the bank expects the net rental income of SHKP to be satisfactory in the 2021-2024 fiscal year, with an average annual compound growth rate of 5.2%. Citi maintained SHKP's "buy" rating, lowered its target price from HK $145.3 to HK $139, expanded its discount valuation based on net asset value from 35 per cent to 40 per cent, and expected catalysts for SHKP in fiscal year 2022 to include strong projects in Hong Kong and benefit from a recovery in retail sales as the epidemic steadily improved.
大行评级 | 花旗：下调新地(0016.HK)目标价至139港元 评级“买入”
Big Bank rating | Citigroup: downgrade the target price of 0016.HK to HK $139Buy
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