Sun Hung Kai Properties (HKG:0016) should sustain its debt reduction strategy through disciplined land spending and capital expenditure control, aiding its resilience amid Hong Kong's dampened home prices, S&P Global Ratings said in a Monday release.
The developer's contracted sales reached HK$25.5 billion in H1 of fiscal 2025, with the full-year figure possibly exceeding S&P's expectations.
Better contracted sales figures and cash proceeds from property sales and rental income could provide the company with further deleveraging opportunities, S&P said.
However, the developer faces margin compression in its property development segment due to depressed home prices as well as a weak rental portfolio in both office and retail spaces, the rating agency said.
S&P expects the developer's adjusted EBITDA margins to decline to around 41% and its leverage ratio to moderate to between 3.3x and 3.5x in fiscal 2025-2027.
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