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<Research>HSBC Research: Lower HIBOR Favors HK Property Sector; SHK PPT (00016.HK)/ KERRY PPT (00683.HK) Liked
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HSBC Global Research issued a research report expecting Hong Kong's real estate and conglomerate companies to continue their outperformance since April 2025. The key recent changes are related to the sharp decline in HIBOR, with 1-month HIBOR falling sharply from around 4% at the end of April to around 2.1% as of 8 May (about 4.6% at end-2024), according to the broker. If HIBOR stays low, it should lower the real estate sector's financing expenses and improve the dividend payout ratio. The broker believed that some users may shift from leasing properties to buying properties, although there are still uncertainties in the global macro environment. Of which, SHK PPT (00016.HK)'s Sierra Sea posted satisfactory sales, with standard units in Phase 1A sold out. Among Hong Kong homebuilders, SHK PPT (00016.HK) is one of the few with good profit visibility and stable dividend, while KERRY PPT (00683.HK)'s earnings recovery may benefit from the sales performance of high-end residential projects in Hong Kong and Shanghai, HSBC Global Research added. AAStocks Financial News |
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