该行对恒隆地产转为更乐观，因见到内地租户销售回稳，同比跌幅由今年首季的7%收窄至次季的1%。 管理层指，改善趋势已延续至7月，对下半年持审慎乐观态度，预期销售将持平或轻微增长，改善情况 亦与LVMH等奢侈品牌近期的说法一致。虽然该行不预期会有强劲复苏，但回稳迹象已足以触发首轮重 新评级。加上管理层确认全年股息将维持不变，且无发行可转债计划，两大投资者的疑虑已获缓解。 摩根大通发布研报称，将恒隆地产(00101)评级由"中性"上调至"增持"，目标价由7.5港元升至10港元， 并认为公司的6.5%股息收益率在同行中仍具吸引力，该股最多自高位下跌51%，而同行跌幅为7%，有 追落后的空间。 ...

Core Viewpoint - Morgan Stanley upgraded Hang Lung Properties (00101) from "Neutral" to "Overweight," raising the target price from HKD 7.5 to HKD 10, citing the company's attractive 6.5% dividend yield compared to peers [1] Group 1: Company Performance - The stock has declined by up to 51% from its peak, while peers have only seen a 7% drop, indicating potential for recovery [1] - There is a noticeable improvement in sales from mainland tenants, with the year-on-year decline narrowing from 7% in Q1 to 1% in Q2 [1] - Management expressed cautious optimism for the second half of the year, expecting sales to remain stable or see slight growth, aligning with recent statements from luxury brands like LVMH [1] Group 2: Investor Sentiment - The management confirmed that the annual dividend will remain unchanged and there are no plans for convertible bond issuance, alleviating concerns from two major investors [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Hang Lung Properties (00101) has met performance expectations for the first half of the year, with an unchanged interim dividend. However, overall tenant sales are expected to be impacted by a decline in luxury goods sales until mid-2025 [1] Group 1: Financial Performance - Hang Lung's domestic tenant sales have shown continuous improvement since Q4 of the previous year, but are still affected by the decline in luxury goods sales [1] - Credit Lyonnais has adjusted the target price for Hang Lung from HKD 5.4 to HKD 7.7, narrowing the discount of net asset value (NAV) from 78% to 67% [1] Group 2: Market Outlook - The firm anticipates that luxury goods sales will continue to decline over the next 12 months due to weak market sentiment and normalization of outbound tourism not yet improving [1] - Positive catalysts for Hang Lung include potential unexpected rate cuts by the Federal Reserve, which could trigger a reassessment of high-yield stocks like Hang Lung [1] Group 3: Risks and Challenges - Negative catalysts include the possibility of weaker-than-expected tenant sales in China, which could lead to profit pressure and affect the ability to maintain absolute dividends and deleverage [1] - The company is viewed as a representative of luxury goods sales in China, holding one of the best luxury shopping centers in mainland China [1]

Core Viewpoint - Bank of America Securities upgraded Hang Lung Properties (00101) from "Neutral" to "Buy" and raised the target price by 22% from HKD 7.9 to HKD 9.6, citing improvements in tenant sales in mainland China from June to July [1] Group 1: Financial Performance - The firm noted that tenant sales are expected to show low single-digit growth in the second half of the year due to a lower comparative base [1] - Adjustments to earnings per share forecasts for the fiscal years 2025 to 2027 were made, with changes ranging from a decrease of 2% to an increase of 1% [1] Group 2: Catalysts and Strategic Moves - Key catalysts include the opening of the flagship store at Shanghai Hang Lung Plaza and short-term asset sales, including serviced apartments in Wuxi and the property at 8 Stubbs Road in Hong Kong, aimed at accelerating deleveraging [1] - The management emphasized careful consideration of the dilution impact from equity fundraising, indicating that the likelihood of issuing convertible bonds in the short term is low [1] Group 3: Dividend Yield - The dividend yield stands at 6.5%, which is higher than the industry average of 5% [1]

花旗发布研报称，由于预期恒隆地产(00101)的利息支出资本化减少及内地写字楼市场受压，将今年的 核心盈利预测下调2.8%至29.35亿元，不过，由于零售租金前景改善及新项目启用，升2026及27年的核 心盈测1.1%和5.6%，分别至29.67亿及32.35亿元。该行维持集团"买入"评级，目标价由7.05港元上调至 8.65港元。 该行指出，恒隆地产上半年的内地零售收入胜于预期，主要是受到租金回升和租户销售良好所带动。该 行预期恒隆地产盈利在今年下半年至2027年恢复增加，因考虑到下半年零售租金收入或增长约5%;杭州 恒隆广场(Westlake66)的写字楼及零售部分将分别于今年下半年及明年上半年启用;而且平均利率下降。 随着资本支出高峰已过，认为集团能够维持每年稳定的股息，并预计其可能在明年发布中期业绩时，停 止目前的以股代息安排。 ...

Core Viewpoint - Bank of America Securities upgraded Hang Lung Properties (00101) from "Neutral" to "Buy" and raised the target price by 22% from HKD 7.9 to HKD 9.6, citing improvements in tenant sales in mainland China from June to July and expecting low single-digit growth in the second half of the year as the comparison base lowers [1] Group 1 - The upgrade is driven by the opening of the flagship Shanghai Hang Lung Plaza and short-term asset sales, including serviced apartments in Wuxi and the property at 8A Stubbs Road in Hong Kong, aimed at accelerating deleveraging [1] - The management of Hang Lung Properties emphasized careful consideration of the dilution impact from equity fundraising, indicating that the likelihood of issuing convertible bonds in the short term is low [1] - The dividend yield stands at 6.5%, which is higher than the industry average of 5% [1] Group 2 - Earnings per share estimates for the fiscal years 2025 to 2027 have been adjusted, with changes ranging from a decrease of 2% to an increase of 1% [1]

Core Viewpoint - Citi has downgraded the core profit forecast for Hang Lung Properties (00101) by 2.8% to HKD 2.935 billion due to expected reductions in interest expense capitalization and pressure in the mainland office market, while raising the core profit estimates for 2026 and 2027 by 1.1% and 5.6% to HKD 2.967 billion and HKD 3.235 billion respectively [1] Group 1 - The company's retail revenue in mainland China exceeded expectations in the first half of the year, driven by a recovery in rental income and strong tenant sales [1] - The company is expected to see profit recovery from the second half of this year through 2027, with retail rental income projected to grow by approximately 5% in the second half [1] - The Westlake66 office and retail components in Hangzhou are set to open in the second half of this year and the first half of next year respectively, alongside a decline in average interest rates [1] Group 2 - The company is anticipated to maintain stable annual dividends as the peak of capital expenditure has passed, and it may stop the current scrip dividend arrangement when announcing mid-term results next year [1] - Citi has maintained a "Buy" rating for the group and raised the target price from HKD 7.05 to HKD 8.65 [1]

Core Viewpoint - Morgan Stanley has become more optimistic about Hang Lung Properties due to signs of recovery in sales among mainland tenants, with the year-on-year decline narrowing from 7% in Q1 to 1% in Q2 [1] Group 1: Sales Performance - Management indicated that the improving trend has continued into July, maintaining a cautiously optimistic outlook for the second half of the year, expecting sales to stabilize or see slight growth [1] - This improvement aligns with recent statements from luxury brands like LVMH [1] Group 2: Investment Sentiment - Although a strong recovery is not anticipated, the signs of stabilization are sufficient to trigger a first-round re-rating [1] - The management confirmed that the annual dividend will remain unchanged and there are no plans for convertible bond issuance, alleviating concerns for two major investors [1] Group 3: Rating and Price Target - The company's rating has been upgraded from "Neutral" to "Overweight," with the target price raised from HKD 7.5 to HKD 10 [1] - The company's 6.5% dividend yield remains attractive compared to peers, and the stock has underperformed in the industry, having dropped 51% from its peak, while peers have only seen a 7% decline, indicating potential for recovery [1]

Core Viewpoint - Credit Suisse's report indicates that Hang Lung Properties' performance in the first half of the year met expectations, with the interim dividend remaining unchanged. However, overall tenant sales are expected to be impacted by a decline in luxury goods sales in the first half of 2025 [1] Group 1: Company Performance - Hang Lung Properties' mid-year performance aligns with expectations, maintaining its interim dividend [1] - Tenant sales in mainland China have shown continuous improvement since Q4 of the previous year, but are still expected to be affected by declining luxury goods sales [1] Group 2: Market Outlook - Credit Suisse anticipates that luxury goods sales will continue to decline over the next 12 months due to weak market sentiment and normalization of outbound tourism [1] - The target price for Hang Lung Properties has been raised from HKD 5.4 to HKD 7.7, while maintaining a "Hold" rating [1] Group 3: Catalysts - Positive catalysts for Hang Lung include potential reassessment of high-yield stocks like Hang Lung if the US Federal Reserve's interest rate cuts exceed expectations [1] - Negative catalysts include weaker-than-expected tenant sales in mainland China, which could lead to profit pressure and impact the ability to maintain absolute dividends and deleverage [1]

Core Viewpoint - CICC maintains its earnings forecast for Hang Lung Properties (00101) for 2025-26, reiterating an outperform rating and raising the target price by 11% to HKD 8.9 per share, reflecting a 14.5x target core P/E for 2025 and a 5.8% target dividend yield for 2025, driven by improved operations in mainland shopping centers and solid financial management [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 4.97 billion, a year-on-year decline of 19%, with property leasing income down 3% [2] - Shareholders' net profit was HKD 1.59 billion, a 9% decrease year-on-year, corresponding to an earnings per share of HKD 0.33, in line with expectations [2] - The interim dividend declared was HKD 0.12 per share, unchanged year-on-year [2] Group 2: Mainland Operations - Sales trends in mainland shopping centers showed significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters [3] - Rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income [3] - The overall rental income from mainland office properties declined by 5% year-on-year, with an average occupancy rate down 3.2 percentage points [3] Group 3: Financial Management - As of mid-2025, the company's net debt ratio stood at 33.5%, stable compared to the end of the previous year [4] - Total financial expenses decreased by 7% year-on-year, with average borrowing costs down 0.4 percentage points to 3.9%, supported by changes in HIBOR and debt structure optimization [4] Group 4: Future Outlook - The company anticipates continued improvement in sales and rental income from mainland shopping centers, supported by a stable consumer environment and proactive operational adjustments [5] - New projects, such as Hang Lung Plaza in Hangzhou, are progressing as planned, with expectations for office buildings to gradually complete from the second half of 2025 and shopping centers to open in the first half of 2026 [5] Group 5: Financial Discipline - The company is expected to maintain prudent financial discipline, controlling capital expenditures and managing project disposals and capital circulation [6] - Capital expenditures are projected to decline after reaching a peak this year, with the net debt ratio expected to remain below 40% [6]