Morgan Stanley Maintains Bullish Outlook on Hong Kong Property Market, Prefers Henderson Land Among Developers

Stock News08-07 14:56

Morgan Stanley released a research report noting that SHK PPT (00016) shares fell 5% yesterday (the 6th), compared to a 1.6% decline in the Hang Seng Index, following media reports that mainland authorities have begun taxing offshore insurance policy proceeds. The firm remains optimistic about the Hong Kong property market and expects the impact of similar cross-border capital controls that led to a decline in July transaction volumes to subside.

At the start of last month, Morgan Stanley downgraded its rating on SHK PPT to "Market Perform," primarily due to the year-on-year growth in the Centa-City Leading Index appearing to peak, which could continue to pressure developers. While the stock price of SHK PPT is highly correlated with the year-on-year change in the Centa-City Leading Index, the bank believes the index will continue to rise, albeit at a slower pace. The firm has a target price of HK$121 for SHK PPT.

Among developers, Morgan Stanley has a preference for HENDERSON LAND (00012). Among property landlords, the firm favors SWIREPROPERTIES (01972) and LINK REIT (00823).

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The firm remains optimistic about the Hong Kong property market and expects the impact of similar cross-border capital controls that led to a decline in July transaction volumes to subside.<br><br>At the start of last month, Morgan Stanley downgraded its rating on <b>SHK PPT</b> to \"Market Perform,\" primarily due to the year-on-year growth in the Centa-City Leading Index appearing to peak, which could continue to pressure developers. While the stock price of <b>SHK PPT</b> is highly correlated with the year-on-year change in the Centa-City Leading Index, the bank believes the index will continue to rise, albeit at a slower pace. The firm has a target price of HK$121 for <b>SHK PPT</b>.<br><br>Among developers, Morgan Stanley has a preference for <b>HENDERSON LAND</b> (00012). 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