Core Viewpoint - Morgan Stanley believes that Hang Lung Properties (00101) will outperform the market in the next 60 days, with an estimated probability of over 80% due to improvements in China's luxury retail sales driven by rising stock markets, improved market sentiment, increased attention on local brands, and a rise in inbound tourism [1] Company Summary - Hang Lung Properties has an attractive price-to-book ratio of 0.3 times and a dividend yield of 6.5% [1] - Morgan Stanley sets a target price of HKD 9 for Hang Lung Properties and rates it as "Buy" [1]

Core Viewpoint - Morgan Stanley believes that Hang Lung Properties' stock price will outperform the market in the next 60 days, with an estimated probability of over 80% [1] Group 1: Market Trends - There is an observed improvement in China's luxury retail sales, driven by a rising stock market, improved market sentiment, increased attention on local brands, and a rise in inbound tourism [1] Group 2: Company Valuation - Hang Lung Properties has an attractive price-to-book ratio of 0.3 times and a dividend yield of 6.5% [1] - Morgan Stanley sets a target price of HKD 9 for Hang Lung Properties and rates it as "Buy" [1]

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]

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 ...