Group 1 - The core viewpoint of the report is that Kerry Properties (00683) has successfully transformed the Changsha Bay Kerry Hongji warehouse redevelopment project into a commercial and residential project, with an estimated gross profit margin exceeding 20% [1] - Bank of America maintains a "Buy" rating on Kerry Properties, citing that the company's dividend yield remains above the industry average of 6.5% [1] - The target price for Kerry Properties has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target of a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]

Group 1 - Bank of America Securities reports that Kerry Properties (00683) has recently completed the redevelopment of the Changsha Bay Kerry Hongji warehouse project into a commercial and residential project, estimating a gross profit margin exceeding 20% [1] - The company maintains a dividend yield that continues to exceed the industry average of 6.5%, reiterating a "Buy" rating [1] - The target price has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Kerry Jinling Huating in Shanghai has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target with a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]

Core Viewpoint - Bank of America Securities reports that Kerry Properties has recently completed the redevelopment of the Cheung Sha Wan Kerry Hong Kee warehouse into a mixed-use project, estimating a gross margin exceeding 20% [1] Group 1: Financial Performance - The sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has surpassed 19 billion yuan, with expectations to achieve a net debt ratio below 30% by 2026, down from 38.4% at the end of the first half of this year [1] Group 2: Investment Rating - The company maintains a dividend yield consistently above the industry average of 6.5%, reaffirming a "Buy" rating and raising the target price from 23.2 HKD to 24.7 HKD [1]