CLSA Raises Kerry Properties Target to HK$22.20, Keeps Outperform Rating

Stock News03-24 17:00

CLSA has released a research report expressing confidence that Kerry Properties continues to offer an attractive dividend yield. The firm increased its target price from HK$19.60 to HK$22.20 and maintained an "Outperform" rating.

Kerry Properties' underlying profit for 2025 fell 22% year-on-year, primarily impacted by increased expenses, higher finance costs, and a larger tax burden. However, the company has made significant progress in deleveraging, with its net debt ratio improving from 41.5% at the end of December 2024. It is projected to drop below 30% by the end of 2026.

The report indicated that Kerry Properties now has a clear profit trajectory and is focusing on new investments, particularly in the Hong Kong residential market. CLSA lowered its core profit forecasts for 2026 and 2027 by 38.9% and 19.6%, respectively, to account for higher operating expenses, but kept its dividend forecast unchanged.

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