Deutsche Bank Landlords’ valuations imply zero value for developers residential exposure.pdf

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2017-12-23 发布于浙江
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Deutsche Bank Landlords’ valuations imply zero value for developers residential exposure.pdf

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Deutsche Bank Landlords’ valuations imply zero value for developers residential exposure

Deutsche Bank Markets Research Asia Industry Date Hong Kong HK Property 13 May 2013 Property Industry Update Tony Tsang Jason Ching, CFA Landlords’ valuations imply zero value Research Analyst Research Analyst (+852) 2203 6256 (+852) 2203 6205 for developers’ residential exposure tony.tsang@ jason.ching@ We prefer developers over landlords on attractive valuation Top picks While we believe Hong Kong’s residential market has seen the inflection point SHK Properties Ltd (0016.HK),HKD109.00 Buy with the CCL index now 4.2% off the peak in mid-March, developers’ share Sino Land Co (0083.HK),HKD12.50 Buy prices are factoring in a much steeper price decline. Given that most Wharf (0004.HK),HKD73.85 Buy developers have a sizeable investment property portfolio, if we apply the market-implied discounts on landlords (currently at “+1SD” of historical Companies Featured discount to NAV) to their respective investment portfolios, current share prices Cheung Kong Hldgs (0001.HK),HKD116.40 Buy mostly imply zero value for their residential exposure, which