大行评级|大摩:下调九龙仓集团牛市目标价至30.5港元 评级“减持”

Big Bank Rating | Damo: Lowering Wharf Group's bull market target price to HK$30.5 to “reduce holdings”

Gelonghui Finance ·  Mar 15 13:36
Glonghui, March 15 | Morgan Stanley issued a report lowering the Wharf Group's bull market target price from HK$31.5 to HK$30.5, with a rating of “reduced holdings”; the basic scenario target price remained at HK$19. The report explains that the prospects for Jiucang's major businesses, including mainland property development and investment properties, Hong Kong luxury homes, and logistics business, are full of challenges. Among them, the mainland property development business may face further depreciation, while contract sales are slowly recovering. Damo cut Jiucang's earnings estimates per share by 7% and 1% respectively for this year and next two years, mainly due to the delayed launch of the Beacon Hill project and the decline in profits from mainland property development projects. The dividend per share is also expected to remain unchanged at HK$40 from 2024 to 2026. Damo also expects the average residential sales price in Hong Kong to rise by 5% in 2024, an improvement from the 10% drop previously predicted.

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