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<Research>BofAS Continues to Expect 3-5% Drop in Secondary Property Prices This Yr, Likes HENDERSON LAND/ WHARF REIC/ HYSAN DEV
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The sharp decline in HIBOR triggered a valuation repair for the Hong Kong real estate sector, but the fundamental boost may not be sufficient to change the direction of asset prices, BofA Securities issued a research report saying. If NEW WORLD DEV (00017.HK) successfully renews its syndicated loan, it could provide some relief, BofA Securities said. Furthermore, the rising interest of Chinese investors in a pursuit for yield could be the factor needed for the sector to ultimately break through the trading range. Due to a 7% increase in net asset value and a narrowing discount, the broker raised its industry target price by an average of 12%, and liked HENDERSON LAND (00012.HK), WHARF REIC (01997.HK) and HYSAN DEV (00014.HK). BofA Securities maintained its forecast that Hong Kong's primary property transaction volume will rise by 6% to 18,000 this year, and continued to expect second-hand property prices to drop by 3-5% YoY. AASTOCKS Financial News Website: www.aastocks.com |
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