S B Warburg : recommends selling SHK Property

Despite of better-than-expected interim earnings of SHKP last Friday , S B Warburg recommended selling for the risk of sharp fall of SHKP in reconsolidation of housing market.S B Warburg said SHKP made net profit of HK$5300 mln in half year, better than market forecast HK$ 5020 mln, earnings 14% compared with its net asset value. But transaction volume of second-hand market fell by 30% since March .Stock price of SHKP was expected to be discounted 14% compared with its net asset value when housing market stepped into consolidation again. So S B Warburg recommended selling. 

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