HSBC Research: YUEXIU PROPERTY to Benefit from First-tier Cities Leading Sector Recovery, Rating Upgraded to Buy
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HSBC Research upgraded YUEXIU PROPERTYfrom Hold to Buy, raising its target price from HKD4.1 to HKD5.1. The report indicates that the company will benefit from a recovery in first-tier cities, particularly Guangzhou, which is expected to enhance project sales. The firm anticipates increased land acquisitions and capital recycling, with management exploring asset disposals and C-REIT spin-offs as potential catalysts for valuation re-rating. Earnings are projected to recover to 2024 levels by 2027.
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