报告名称：Kerry Prop(00683.HK)FY15 results in line good earnings visibility and secure div
报告类型：港股研究
报告日期：2016-03-20
研究机构：德意志银行
股票名称：嘉里建设
股票代码：00683
页数：20
简介：Our target price of HK$23.20 is based on a 45% NAV discount to our estimated NAV of HK$42.14/share, which implies 2016E PER of 11x. Our target discount is mostly on par with its historical discount to NAV, which is markedly steeper than industry leaders as to reflect Kerry’s slower asset turnover, lower market capitalization and less-proven execution capabilities, which we believe is appropriate. Risks: rate hike and fluctuations in HK/China economies.

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