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2009-5-26 12:16:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Developers Up; GC Tips SHKP As Top Pick
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| 1206 [Dow Jones] HK developers remain strong with property subindex +3.2% vs HSI +0.1%, on rekindled reflation trade theme given low interest rate environment. GuocoCapital believes fundamentals of HK's residential market remain sound given high rental yield, record low mortgage rates, strong affordability, tight housing supply; forecasts overall residential price to rise 15% in 2009, 10% in 2010. Based on NAV discount, believes big developers like Cheung Kong (0001.HK), SHK Properties (0016.HK), Henderson Land (0012.HK) still offer potential upside of 5%-15%, but medium-sized developers including Hang Lung Properties (0101.HK), Sino Land (0083.HK), New World Development (0017.HK) look expensive. SHKP remains top pick, while investors wanting to chase laggards may choose Henderson Land, GC says. SHKP +3.2% at HK$93.85, Henderson +2.3% at HK$42.90.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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