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中國太保(2601.HK)

2010-09-06

By：香港研究部

廣州藥業(874.HK)

2010-09-03

By：香港研究部

華電國際(1071.HK)

2010-09-02

By：香港研究部

聯想集團(0992.HK)

2010-09-02

By：香港研究部

Nine Dragons Paper (2689.HK)

2010-09-02

By：HK Research

東風集團股份 (0489.HK)

2010-09-01

By：香港研究部

晨鳴紙業(1812.HK)

2010-08-31

By：香港研究部

華潤創業 (0291.HK)

2010-08-31

By：香港研究部

雨潤食品(1068.HK)

2010-08-30

By：香港研究部

國美電器(493.HK)

2010-08-26

By：香港研究部

報告名稱 ：	Hysan Development (0014.HK)
下載檔案 ：	CSC Securities (HK) 14 HK- Hysan Development Company Limited
大網摘要 ：	Hysan is the largest commercial landlord in Causeway Bay, which focuses on office, retail and residential sectors. The re-development of Hennessy Centre will be the main growth driver and is scheduled to commence operation in FY11E. The Company has experienced high debt ratio before 2005 given developing the project of Entertainment Building in Central. Learning the lesson from past experience, we believe Hysan is able to control the leverage and maintain high corporate governance. It seems the market being over-pessimistic about the occupancy rate and rent growth in Causeway Bay. That said, the high accessibility, prestigious, “Office + Leisure” strategy makes the office supply of Causeway Bay irreplaceable, we believe. More importantly, the low net debt to equity ratio, high quality of corporate governance and land bank, and tenant mix are our prime concern. The current valuation seems to be disregarding the growth from the re-development of Hennessy Centre, and thus compelling and undemanding. As such, we initiate with Buy recommendation of Hysan.
發表日期 ：	2010-07-22
研究員 ：	HK Research