Zhongtong Finance App learned that Lyon released a research report stating that it lowered Kerry PPT's profit forecast for each of the years from 2024 to 2026 by 10.7%, 9.7%, and 13.5%, respectively, to reflect the impairment and lower profit of mass residential projects due to price competition. The bank lowered the company's target price from HKD 16.7 to HKD 16.2 and maintained an "outperform" rating.

The bank predicts that Kerry PPT's profit for the first half of the year will decline year-on-year, mainly due to lower pre-sale income from property and an expected write-down of agricultural land by 0.43 billion yuan. Unlike the first half of 2018, the bank believes that this impairment will not lead to a reduction in the company's interim dividend.