Sun Hung Kai Property falls 0.75% Goldman Sachs bullish target price

Sun Hung Kai Real Estate (00016-HK) fell 0.75% per half, at HK $99.15, for a deal of HK $444 million, which ran for the first time in the market, while the index fell 0.31%, but it opened early at a high of HK $101.90, the latest record.　　Goldman raised its rating from neutral to a buy and raised its target price from HK $83.20 to HK $118 after Goldman Sachs revised its earnings forecasts for the new 09, 10 and 11 fiscal year by 5%,19% and 32% respectively. The bank also said the unit is now 26% per cent more than net asset value and is expected to narrow to 10%, as it will benefit from a better housing price outlook and a potential stabilisation of the office/retail property market. Goldman Sachs will be one of the new preferred shares and is expected to outperform in the next 6 months as it is affected by a general recovery in the property market in Hong Kong.