首页 > 新闻与评论 > 香港研究报告 > 个股推荐
个股推荐
| 名称 | 日期 | 出版者 |
| 报告名称 ： | Hysan Development (0014.HK) | 下载档案 ： | CSC Securities (HK) 14 HK- Hysan Development Company Limited | 大网摘要 ： | 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. | 发表日期 ： | 2010-07-22 | 研究员 ： | HK Research |
若您无法读取PDF档案，请先连结下载Adobe Reader。下载完成後请直接执行安装程式进行安装，安装完毕後即可直接浏览PDF格式开户合约。
建议您同时下载亚洲字型，安装後获得最理想的浏览便利性 。
建议您同时下载亚洲字型，安装後获得最理想的浏览便利性 。