摩根士丹利发表技术意见报告指出，相信恒隆地产股价未来60日内将跑赢大市，估计发生概率80%以 上，因为观察到中国奢侈品零售销售呈现改善趋势，受到股市上涨、市场情绪改善、本土品牌获得关注 以及入境旅游增加的推动。大摩认为，恒隆地产市账率0.3倍及股息收益6.5%的率具有吸引力，予其目 标价9港元，评级"买入"。 ...

Group 1 - Morgan Stanley upgraded the rating of Sun Hung Kai Properties (00101) to "Overweight" and raised the target price from HKD 6.5 to HKD 9 [1] - In the short term, the sales of tenants in the mainland shopping malls improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Shanghai Plaza 66's sales turned from a 4% decline in Q2 to flat [1] Group 2 - Long-term growth is expected to benefit from the recovery in consumer demand driven by inbound tourism and tax refund policies [1] - The pre-leasing rate of the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield of the company is 6.5%, which is higher than its peers [1] - It is anticipated that share dilution from scrip dividends may cease after the full-year results announcement in 2025 [1]

Group 1 - Morgan Stanley upgraded the rating of Hang Lung Properties (00101) to "Overweight" and raised the target price from HKD 6.5 to HKD 9 [1] - In the short term, the sales of tenants in the mainland shopping malls improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Shanghai Plaza 66's sales turned from a 4% decline in Q2 to flat [1] Group 2 - Long-term growth is expected to benefit from the recovery in consumer demand driven by inbound tourism and tax refund policies [1] - The pre-leasing rate of the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield of the company is 6.5%, which is higher than its peers [1] - It is anticipated that share dilution from scrip dividends may cease after the full-year results announcement in 2025 [1]

Core Viewpoint - Morgan Stanley raised the target price for Hang Lung Properties from HKD 6.5 to HKD 9, upgrading the rating to "Overweight" [1] Summary by Relevant Categories Financial Performance - Tenant sales in Hang Lung's mainland shopping malls improved in July and August, with sales at Shanghai Hang Lung Plaza stabilizing after a decline [1] - Potential residential sales could generate over HKD 10 billion in revenue, which would help reduce the company's debt ratio [1] Future Prospects - Long-term benefits are expected from the growth in inbound tourism and tax rebate policies [1] - The retail portion of the new project, Hang Lung Plaza in Hangzhou, has achieved a pre-leasing rate of 81%, with an expected opening in 2026 [1]

Group 1 - Morgan Stanley raised the target price for Hang Lung Properties from HKD 6.5 to HKD 9, upgrading the rating to "Overweight" [1] - Tenant sales in mainland China improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Sales at Plaza 66 in Shanghai stabilized, recovering from a 4% drop in the second quarter [1] Group 2 - The long-term outlook is positive due to expected growth in inbound tourism and a rebound in consumer demand driven by tax refund policies [1] - The pre-leasing rate for the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield stands at 6.5%, which is higher than peers [1] - The dilution of shares from scrip dividends is expected to cease after the full-year results announcement in 2025 [1]

Core Viewpoint - The report from CICC indicates that the performance of key commercial operators in the retail sector has shown differentiation in the first half of 2025, with expectations for leading companies to strengthen their competitive advantages in the medium to long term due to location, customer loyalty, and operational capabilities [1][5]. Group 1: Performance Overview - Key commercial operators reported their 1H25 performance, with China Resources Vientiane Life's core net profit increasing by 15%, while major Hong Kong developers saw a core net profit decline of 4-9%, aligning with market expectations [1]. - High-end commercial operators experienced an average same-store sales growth of 2.2% in 1H25, an increase of 8.6 percentage points compared to the full year of 2024, while mass-market operators saw a slight increase of 0.1 percentage points to 7.6% [2]. Group 2: Rental and Operational Efficiency - Rental income for major operators in mainland China showed resilience, with average rental growth of 0.5% in both 2024 and 1H25, which is significantly better than retail sales performance [3]. - Heavy asset operators reported a gross profit margin increase of 0.3 percentage points to 73.9%, indicating ongoing operational efficiency improvements [4]. Group 3: Future Trends - The industry is expected to benefit from a "Matthew Effect," with leading commercial operators likely to solidify their competitive barriers in the medium to long term [5]. - The second half of the year is anticipated to have positive catalysts, including low base effects from last year's retail sales and continued supportive consumption policies [5]. Group 4: Investment Recommendations - The report recommends China Resources Vientiane Life and Swire Properties for their dual returns of growth and dividends, while suggesting to accumulate Hongkong Land at lower prices to capitalize on the Federal Reserve's interest rate cut window [6].

EF003 | 記錄日期 | 2025年8月15日 | | --- | --- | | 股息派發日 | 2025年9月24日 香港中央證券登記有限公司 | | 股份過戶登記處及其地址 | | | | 皇后大道東183號 | | | 合和中心 | | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公布日期，恒隆地產有限公司之董事會包括： | | | 執行董事： | | | 陳文博先生 | | | 盧韋柏先生 | | | 趙家駒先生 | | | 獨立非執行董事： | | | 袁偉良先生 | | | 陳南祿先生 | | | 陳嘉正博士 | | | 馮婉眉女士 | | | 李天芳女士 | | EF003 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) N O T I F I C AT I O N L E T T E R 通知信函 August 25, 2025 Dear Non-registered Shareholder* , Hang Lung Properties Limited (the "Company") - Notice of Publication of Circular of Scrip Dividend Arrangement in relation to the Interim Dividend for the six months ended June 30, 2025 (the "Current Corporate Communication") We are pleased to inform you that the English and Chinese ve ...

恒隆 地 產有 限 公司 HANG LUNG PROPERTIES LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00101) N O T I F I C AT I O N L E T T E R 通知信函 Dear Registered Shareholder, August 25, 2025 To ensure timely receipt of future Corporate Communications and Actionable Corporate Communications**, the Company recommends you to provide your email address by scanning your personalized QR code printed on the enclosed reply form (the "Reply Form"). To make your election, please fill in t ...

THIS FORM IS FOR THE USE OF THE SHAREHOLDER(S) NAMED IN BOX A ONLY. NO ACKNOWLEDGEMENT OF RECEIPT OF THIS FORM WILL BE ISSUED. FOR THE AVOIDANCE OF DOUBT, THE COMPANY DOES NOT ACCEPT ANY OTHER INSTRUCTIONS WRITTEN ON THIS FORM. 此表格只供名列於甲欄內之股東使用。本公司不會就此表格發出收訖確認。為免存疑，任何在此表格上的額外手寫指示，本公司將不予處理。 CERTIFICATE AND/OR DIVIDEND WARRANT FOR THE ENTITLEMENT WILL BE SENT BY ORDINARY POST TO THE SHAREHOLDER(S) AT THE SHAREHOLDER'S(S') POSTAL RISK TO THE ABOVE ADDRESS. DIVIDEND WARRANT WILL BE SENT IN ACCORDANCE WITH STAND ...