UBS: Optimistic about the listing of KERRY PPT (00683) Jinglin Huating Phase II, reiterates "buy" rating.

UBS released a research report stating that KERRY PPT (00683) will first launch 120 units in the second phase of its residential project, Jinling Huating, in Shanghai. The average selling price is expected to reach RMB 20,500 per square meter, an 8% increase from the first phase sold in March. Kerry expects the total value of the 120 units to reach RMB 9.8 billion. The bank reiterated its "buy" rating on the company with a target price of HK$24. UBS stated that based on the strong sales performance of Jinling Huating in the first phase in March, they hold an optimistic attitude towards the launch of the second phase and expect further price increases for the remaining 40 units in the second phase. In addition, about half of the sales revenue from the first phase is still pending, and with the total available resources in the second phase, it is estimated that Kerry's projected net debt ratio may decrease to 22%, with a possible decrease of 42% in net debt.