Higher Earnings for Kerry Properties Supported by Continued Strong Residential Market
Reflecting the continued strength of the Hong Kong residential property market, we expect Kerry to achieve higher revenue for full-year 2017, mainly based on the sales of completed properties at Mantin Heights. We adjusted our model to account for faster booking of units sold and better margin, resulting in 2017 revenue and earnings increasing by 8% and 10%, respectively. We increase our fair value estimate to HKD 28 from HKD 25, while maintaining the company’s no-moat rating. We continue to see...Kerry Properties is an investment holding company. Through its subsidiaries and associated companies, Co. is engaged in property development, investment and management in Hong Kong, the People's Republic of China (the PRC) and the Asia Pacific region; hotel ownership in Hong Kong, and hotel ownership and operations in the PRC; and integrated logistics and international freight forwarding. The two principal activities of Co. and its subsidiaries are property business and logistics business. The property business is further segregated into the PRC property, Hong Kong property and Overseas property.
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