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<Research>UBS: HIBOR Rebound May Trigger ST Correction in Developers
Recommend 4 Positive 15 Negative 4 |
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The recent rebound in HIBOR is expected to lead to a short-term decline in the Hong Kong real estate sector, UBS issued a research report saying. The team at UBS anticipated that HIBOR will stabilize between 2% and 2.5% by the end of 3Q25, and forecasted it to be 2.2% by the end of 2025 and 1.6% by the end of 2026. Although the rebound aligns with the broker's expectations, UBS believed that, until HIBOR stabilizes, developers may continue to be dented in the short term. UBS adopted a defensive stance from now until mid-September, favoring homebuilders with high and sustainable dividend yields, such as SINO LAND (00083.HK), SWIREPROPERTIES (01972.HK), HANG LUNG PPT (00101.HK) and LINK REIT (00823.HK). Conversely, the broker believed that other Hong Kong developers ( CK ASSET (01113.HK)) and major landlords with lower dividend yields or higher net gearing (such as WHARF HOLDINGS (00004.HK), Hongkong Land, MTR CORPORATION (00066.HK), HYSAN DEV (00014.HK)) may underperform. AASTOCKS Financial News Website: www.aastocks.com |
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