The Zhitong Finance App learned that Goldman Sachs released a research report stating that Kerry Construction (00683) recorded a mid-term core profit of 782 million yuan after excluding fair value losses on investment properties, down 9% from the previous year, which is generally in line with the bank's and market expectations. The Group declared an interim dividend of HK$0.4 per share, the same as the previous year. The dividend ratio is equivalent to about 74% of core earnings per share. Based on the 2026 net asset value forecast of 70%, the target price was lowered from HK$26 to HK$25, and the rating remained “neutral”.

Property prices continued to recover, driving Hong Kong's property development revenue down 59% year on year during the period, but EBIT profit margin rebounded to 15%; thanks to contributions from new mixed-use projects such as Shanghai and Hangzhou and the appreciation of the RMB, mainland investment property revenue increased 5% year on year. Goldman Sachs adjusted Kerry E&C's core profit forecast for 2026 to 2028 by 5% to 1%. Earnings per share forecasts were adjusted from HK$1.4, HK$3.1 and $3.82 to HK$1.3, HK$3.05 and HK$3.84.

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