DBS Bank: Gives SHK Properties Limited (stock code: 00016) a "buy" rating with a target price of HK$89.95.
The bank believes that since the beginning of the year, New World has actively supplemented its residential land reserves by taking advantage of falling land prices, laying a solid foundation for profit recovery in mid-term development.
DBS released a research report stating that SHK PPT (00016) residential projects have received positive feedback, with over 96% of the 525 units in the recently launched YOHO West Parkside in Tin Shui Wai sold at an average of HK$11,900 per square foot. It is also expected that Sierra Sea Phase 1A will generate strong market interest. The bank believes that New World has taken advantage of the softening land prices early this year to actively supplement its residential land bank for future property development, laying a good foundation for profit recovery in the medium term. They have given a "Buy" rating with a target price of HK$89.95.
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