Jin Rong Jie·2025-08-13 03:50Core Viewpoint - Citigroup's report indicates that the Kowloon Warehouse Group has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as quasi-cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Financial Summary - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "Sell" rating on Kowloon Warehouse Group, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - There is an expectation among investors for the company to increase shareholder returns, but Citigroup anticipates that the company will maintain stable dividends per share without any increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation Insights - Kowloon Warehouse Group is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though this may not necessarily benefit the stock price [1]