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Investing.com - CLSA has upgraded Sun Hung Kai Properties (HK:16) (OTC:SUHJY) from Underperform to Outperform, significantly raising its price target to HK$110.00 from HK$63.60.
The upgrade follows Sun Hung Kai Properties’ pricing of its Cullinan Sky phase 2 development at 29% higher than phase 1, indicating strong market demand for the developer’s properties.
CLSA analyst Alvin Wong noted that Hong Kong property prices have rebounded 4% from their bottom, supported by lower interest rates following U.S. rate cuts, rising rental yields driven by strong rental demand, and decreased selling pressure in the market.
The investment firm forecasts a 5% property price increase in 2026 and expects leading developers like Sun Hung Kai Properties to benefit from this market turnaround.
CLSA has adjusted its earnings forecasts for the company, tweaking FY26CL/FY27CL earnings by -3.8%/7.6% and raising FY27CL dividend per share by 4.0% to reflect changes in completion schedules and higher selling price assumptions.
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