July 22, 2026 07:57 AM GMT Kerry Properties | Asia Pacific M Update 1H26 Preview: Near-term Earnings Pressure Remains Key Takeaways (+) We expect stable gearing at around 30% by Jun-26 (Dec-25: 33.3%), despite land acquisitions in HK in 1H26, supported by cash collection from pre-sales of Jinling Residences (70%+ of Rmb23bn contracted sales). Valuation - Kerry Properties is currently trading at 0.3x forward P/B and a 7.0% trailing dividend yield (highest in our coverage universe). Exhibit 1: Kerry Propertie ...