Not vested
DJ MARKET TALK: UOB Continues To Favor HK Landlords Vs Developers
0922 [Dow Jones] UOB KayHian continues to favor HK landlords over HK developers, not only due to policy risk faced by latter, but also landlords' relative fundamental strength.
Says HK's role as major offshore CNY center will bring new business opportunities; sector offering shelter against policy risk "is only icing on the cake".
Continues to favor landlords exposed to Central CBD; tips Swire Pacific (0019.HK), trading only 3% above last upcycle's peak, vs Hongkong Land's 33%, as top Buy; also Champion REIT (2778.HK), offering 5.0% dividend yield, is defensive play for conservative investors.
Both stocks rated Buy, target prices HK$139.68, HK$5.45, respectively. Swire ends +0.1% at HK$118.10, Champion REIT down 0.2% at HK$4.37.
Source: Dow Jones Newswire