SHK PPT(00016) 交银国际证券·2025-03-03 17:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 96.1 [1][5][6] Core Insights - The company's mid-year performance for the fiscal year 2025 is stable, with total revenue increasing by 45% year-on-year to HKD 39.9 billion, while gross profit margin decreased by 11.3 percentage points to 38.9% [1][2] - Core net profit rose by 17.5% year-on-year to approximately HKD 10.5 billion, aligning with market expectations [1][2] - The company anticipates maintaining a dividend payout ratio of 40-50% for the full year despite a slight decrease in the interim dividend payout ratio to 26.3% [1][2] Revenue Breakdown - Real estate development revenue surged by 323% year-on-year to HKD 16.4 billion, driven by strong sales and deliveries, particularly from projects like YOHO WEST Phase 1 and Flying Phase 2 [1][2] - Rental income saw a minor decline of 1.3% to HKD 9.99 billion, with office rental income dropping by 5.3% to HKD 2.85 billion, while retail rental income only slightly decreased by 0.9% to approximately HKD 4.59 billion [1][2] - Data center business revenue increased by 14% year-on-year to HKD 1.47 billion, supported by rising demand [1][2] Future Outlook - The company expects to launch six new projects in Hong Kong over the next ten months, with a total attributable gross floor area of approximately 2.28 million square feet [1][2] - The report highlights that the recent fiscal budget adjustments to stamp duty for small units are likely to stabilize the Hong Kong real estate market [1][2]