Continued Strong Property Sales in Hong Kong to Support Sun Hung Kai Earnings Growth in Near Term
During the second half of 2017, the Hong Kong residential market remained robust, enabling Sun Hung Kai Properties to achieve higher launch prices than seen during the first half of the year. Further, given the continued recovery in the city’s retail sales, the company should also see higher rental income from its retail assets. We are adjusting the company’s earnings for fiscal year 2018 and 2019 up by 3% and 4%, respectively. Our fair value estimate of HKD 150, and our narrow moat rating are u...
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