Citibank: Increase target price of Sun Hung Kai Properties (00016) to HK$168.3 to maintain “buy” rating

The Zhitong Finance App learned that Citi released a research report stating that maintaining Sun Hung Kai Properties's (00016) “buy” rating, the target price was slightly raised from HK$168 to HK$168.3, corresponding to a 20% discount on net asset value per share; the bank predicts that SHKP's dividends per share for the 2027-2029 fiscal year will reach HK$4.2, HK$4.45 and HK$4.8, respectively.

Citibank pointed out that SHKP's 2026 performance was steady, with earnings per share higher than the bank's forecast; SHKP's target Hong Kong development property sales for the 2027 fiscal year reached HK$33 billion. Considering that 90% of the completed projects in fiscal year 2027 have already been pre-sold, the bank believes that SHKP is more flexible when promoting surplus goods, and pricing can put profit margin first, and have a positive view on the company.