Ge Long Hui·2025-09-05 02:33Core Viewpoint - Bank of America Securities reports that Sun Hung Kai Properties' fiscal year 2025 performance is slightly below expectations, despite benefiting from a rebound in the Hong Kong residential market [1] Group 1: Financial Performance - The property development profit margin is low, which may result in flat earnings per share and dividends in the short term [1] - The target price for Sun Hung Kai Properties is raised slightly from HKD 94 to HKD 95, maintaining a "neutral" rating [1] - Earnings per share forecasts for fiscal years 2026 to 2027 have been adjusted down by 1% to 4% due to changes in property sales recognition timing [1] Group 2: Market Conditions - The company is experiencing limited further compression in yield compared to peers, which have a yield level of 4% [1] - Unless there is a significant increase in Hong Kong property prices in the short term, earnings per share for fiscal years 2026 to 2027 are expected to remain relatively flat [1]