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Hong Kong property stocks battered by protests are looking cheap

Bloomberg
Bloomberg12/12/2019 08:46 AM GMT+08  • 3 min read
Hong Kong property stocks battered by protests are looking cheap
(Dec 12): Months of protests and a struggling local economy have hammered Hong Kong’s property stocks. Analysts are starting to see a silver lining in valuations.
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(Dec 12): Months of protests and a struggling local economy have hammered Hong Kong’s property stocks. Analysts are starting to see a silver lining in valuations.

A measure of developer shares in the world’s most expensive real estate market has tumbled 23% from a high in April. That slide has them trading at 11 times estimated earnings for the next 12 months, which is near a record low hit in October.

Brokerages are already finding reasons for optimism. On Tuesday, Daiwa Capital Markets reiterated its buy rating on Swire Properties Ltd.’s shares, saying their 33% slide from June to November had more to do with fund flows than with the firm’s fundamentals. Citigroup Inc. said in October that steps the Hong Kong government announced to help first-time home buyers could drive an earlier-than-expected recovery in housing prices.

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