Goldman Sachs retains "neutral" rating for Swire Pacific
Published: 05 Nov 2009 01:08:10 PST
Nov. 5, 2009 (China Knowledge) - Goldman Sachs Inc, one of the world's leading banking and securities companies, retained its "neutral" rating for Swire Pacific Ltd<0019><0087> and set the stock's target price at HK$84. The brokerage said the market is likely to respond actively to the Hong Kong-based developer's plan to spin off Swire Properties Ltd in a separate listing on the main board of the Hong Kong Stock Exchange. The plan shows that Swire Pacific is working harder on real estate business, but how the plan will affect the developer's growth strategy and project implementation is not clear at this stage. Goldman Sachs said the company's net asset value per share is 13% less than estimated for fiscal 2010. Copyright © 2009 www.chinaknowledge.com |
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