JPMorgan has released a research report revising its forecast for Hong Kong property price growth this year upward from 5-7% to 10-15%, with an additional anticipated rise of approximately 5% next year. The bank believes the sector has entered a new phase, transitioning from an "early recovery" stage to an "expansion" stage.

In the optimistic market environment, the bank suggests that valuation benchmarks are shifting from "dividend yield" to "discount to net asset value." Consequently, JPMorgan has upgraded its rating on SHK PPT to "Overweight," assigning it the highest target price in the market of HK$162. This valuation is based on the historical average discount to net asset value during expansion phases, with the target price representing a 20% discount to NAV.

Simultaneously, the bank also holds a positive outlook for Sino Land and Henderson Land. The former is deemed particularly suitable for yield-seeking investors, while the latter awaits further clarity following its results announcement and dividend policy; mid-March is identified as a more favorable entry point. JPMorgan has also raised price targets for the covered stocks in the sector by an aggregate of 13% to 49%.