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2026-02-11 11:24:40 BofA Securities' research report disclosed the broker's recent interactions with investors. Overall, it seemed to the broker that investors were willing to overlook the lower yield of late and anticipated the real estate market to enter a multi-year cyclical recovery phase. Against this backdrop, BofA Securities lifted its target prices for several real estate stocks by an average of 10% on the assumption of narrower target NAV discounts, reflecting strong sales in Hong Kong development projects and high-end retail. It also adjusted its FY25-28 EPS forecasts for HYSAN DEV (00014.HK) and SHK PPT (00016.HK) based on updated project accounting timelines. Among developers, BofA Securities favored CK ASSET (01113.HK) and SINO LAND (00083.HK) for their earnings sensitivity to property price growth. For rental stocks, the broker preferred SWIREPROPERTIES (01972.HK) and HANG LUNG PPT (00101.HK) for their higher dividend yields and resilient luxury retail in mainland China. LINK REIT (00823.HK), however, was chosen as BofA Securities' non-consensus laggard pick, considering its widened valuation gap with peers (dividend yield at 7%) and well-flagged short-term e-commerce challenges. Details of BofA Securities' ratings and target prices for Hong Kong property developers and landlords are available in a separate table. ~ AAStocks Financial News Web Site: www.aastocks.com | |