According to the research report released by Citigroup, it is believed that the strong sales of the profitable project "T-Wai" can drive the performance of Kerry PPT (00683), and it maintains a "buy" rating with a target price raised from HKD 17.2 to HKD 17.6.

The report states that Kerry PPT prioritizes deleveraging and distributing dividends over new investments. With the completion of the Huangpu project in Shanghai in June this year and pre-sales expected in the second half of next year, it is expected that the company's net debt ratio will peak at 43% this year. The bank estimates that the company's capital expenditure this year will reach 6 to 8 billion yuan, with 2 billion yuan in dividends and a decrease in interest costs after the increase in the proportion of RMB debt, and believes that its strong sales and resilient rental support will stabilize dividends, with a dividend per share of 1.35 yuan or 9.6 cents.