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Goldman lifts Hysan Dev (00014) to HK$32.88

  Goldman Sachs lifted its target price for Hysan
Development (00014) to HK$32.88 from HK$32.22, and reiterated its "sell" rating.
  The research house said Hysan reported in-line FY2017 results with a slight decline in 
revenue and earnings amid negative reversions in the retail segment. Management guided 
flattish retail revenue outlook while office remains on the positive side, with Lee Garden
Three to see its first year of operations in 2018.
  Retail rental reversion was negative 21% during the year, which was impacted by the
re-letting of space that was vacated ahead of plan by an anchor tenant in 2H 2017 (of
which they also recognized a HK$142mn one-off compensation).
  Trading at 31% discount/18x FY2018 NAV/PER, Hysan's valuation is relatively unattractive
versus its peers (Property company sector trades at 30% discount/17x PER, while SHK
Properties at 40% discount/12x PER), said the research house.
  Goldman revised its 2018/19 EPS forecasts by 2.7/-4.9%.

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