Capital Recycling In 2024
SHKP’s underlying net profit declined by 5.9% yoy to HK$8,906m, dragged by contraction of property development profits and higher finance cost. Interim DPS is HK$0.95/share, down by 24% yoy. Investment portfolio remains resilient with 21.4% yoy growth in rental of mainland malls. Management expects that removing cooling measures will first drive luxury home sales, thus benefiting SHKP. Maintain BUY with unchanged target price of HK$105.05.
