信和置业(00083.HK):Unloved and forgotten, but positive catalysts for 2018; up to Buy

2018-02-07 17:12 港股研报君 阅读 822

机构:高盛

Sino Land’s shares have underperformed their sector benchmark by 13pp since end-2016, and despite being up 28% during the same period, it is still 45% below its 10-year peak. This, in part, reflects its previous comparatively muted sales and land banking efforts. Consensus (Bloomberg) Buy ratings for Sino Land are near  five-year lows. However, we expect the tide to turn for Sino Land in 2018 on a number of catalysts, including our forecasts for substantial growth in reported earnings in upcoming results on recogniztion of disposal gains, readiness for a key new project launch in HK, and from active asset recycling efforts in late 2017 . Up to Buy from Neutral.

Unloved and forgotten with low expectations 

Unloved and underperformed... 

Sino Land’s shares underperformed their sector benchmark (proxied by FTSE EPRA/NAREIT Hong Kong) by 13pp since end-2016, despite being up 28% during the same period. The stock is still 45% below its 10-year peak, while the sector benchmark is close to its 10-year high.

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信和置业 hk00083 +自选