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Macquarie: Real Estate Industry Tough; SHK PPT Good Company with Target up to $145.84

 Macquarie, in its report, said SHK PPT (00016.HK)  +0.200 (+0.199%)    Short selling $59.45M; Ratio 16.734%   released the price list of Grand YOHO Phase II at an ASP of $14,500 per square foot (psf). Based on this, sales could reach $9.4 billion. Its earlier launch Grand YOHO Phase I last year recorded a sales of $9 billion.

The broker believed SHK can maintain its leading position in the increasingly challenging Hong Kong market. Macquarie expected SHK to deliver the 19% earnings CAGR over FY15-18; market share expansion; and resilient rental income growth. The broker kept the rating Outperform with target price of $145.84.

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