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布的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED （股份代號﹕00010） （於香港註冊成立之有限公司） （股份代號﹕00101） 聯合公布 行政總裁及執行董事榮休 恒隆集團有限公司 (「恒隆集團」) 及恒隆地產有限公司 ( (「恒隆地產」) ，連同恒隆集團統稱 「本集團」) 董事會 (「董事會」) 謹此聯合宣布，盧韋柏先生 (「盧先生」) 將於2026 年 8 月 31 日或之前榮休，並不再擔任本集團行政總裁及執行董事之職位。 董事會正在進行全面的甄選，以物色盧先生的繼任人，而盧先生將協助並促進領導層順利交接。 盧先生在任期間，憑誠信、遠見卓識、以及對卓越的不懈追求，帶領本集團前行。董事會對盧 先生的領導及對本集團堅定不移的貢獻，表達深切的謝意，並同時期待盧先生榮休後，能以待 定的 ...

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 for Hang Lung Properties (00101) and assigned an "Overweight" rating, highlighting the company's potential for growth due to recent lease agreements and attractive valuation [1][5]. Group 1: Company Developments - Hang Lung Properties has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1][5]. - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1][5]. - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1][5]. Group 2: Market Outlook - Morgan Stanley considers Hang Lung Properties as one of its preferred stocks due to the continuous improvement in tenant sales in mainland China [1][5]. - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1][5]. - The stock is viewed as attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1][5].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 and an "Overweight" rating for Hang Lung Properties (00101) following the successful acquisition of long-term operating leases for expansion projects in Shanghai and Wuxi [1] Group 1: Company Developments - The company has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1] - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1] - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] Group 2: Market Outlook - Hang Lung Properties remains one of Morgan Stanley's preferred stocks due to the continuous improvement in tenant sales in mainland China [1] - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] - The stock is considered attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1]

Core Viewpoint - Morgan Stanley's research report indicates that Hang Lung Properties has successfully secured long-term operating leases for expansion projects in Shanghai and Wuxi, with projected internal rates of return (IRR) for each new light-asset project reaching double-digit percentages and payback periods within ten years [1] Group 1 - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] - Hang Lung Properties remains a preferred stock due to the continuous improvement in tenant sales in mainland China [1] - The light-asset operating leases are expected to start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] Group 2 - The stock valuation is attractive, with a dividend yield of 5.8% and high certainty in dividend payouts [1] - The target price set by Morgan Stanley is HKD 10, with a "Buy" rating [1]

Core Viewpoint - The transformation of the "Golden Triangle" on Nanjing West Road from "Mei Tai Heng" to "Heng Tai Heng" signifies a strategic shift in high-end retail, as the area faces increasing competition from emerging commercial districts in Shanghai [1][5][9]. Group 1: Project Overview - The former Meilong Town Plaza will cease operations by June 30, 2024, with a complete closure and renovation planned shortly thereafter [1][5]. - Hang Lung Properties has signed a 20-year lease for the Nanjing West Road 1038 commercial project, which will increase its total building area by approximately 44% to about 312,335 square meters [5][6]. - The project, with a total investment of 2.2 billion yuan, will include retail, hotel, and office spaces, aiming to create a vibrant commercial landmark [6][8]. Group 2: Market Context - The Nanjing West Road area is experiencing intensified competition, with other commercial centers like Xinyi Taikoo Hui and Zhang Garden gaining traction [9]. - Hang Lung Properties is adapting to changing consumer preferences, focusing on high-quality experiential spaces rather than solely high-end luxury [8][9]. - The company plans to shift its strategy from a strict high-end classification to a more inclusive approach, reflecting the evolving dynamics of the luxury market in China [9][10]. Group 3: Strategic Initiatives - Hang Lung Properties is pursuing a "light asset expansion" strategy, as evidenced by recent project signings in Hangzhou and Wuxi, which will enhance its retail space significantly [10][11]. - The "Heng Lung V.3" strategy emphasizes maximizing investment returns through selective reinvestment in existing projects, moving away from a purely expansion-focused model [12][13]. - Despite the strategic initiatives, the company faces challenges in the current market, including a decline in rental income and overall profitability [13][14].

Core Viewpoint - The company focuses on core business districts to establish high-end commercial benchmarks, with a stable revenue growth outlook driven by rental income from investment properties [1] Business Overview - The company's primary business is investment property leasing, supplemented by property sales and hotel operations, with a presence in mainland China and Hong Kong [1] - The company aims to become a luxury retail benchmark in key cities, with its two major shopping centers in Shanghai recognized as landmark buildings [1] Financial Performance - The company expects revenue of HKD 11.2 billion in 2024, representing a year-on-year increase of 9%, with a CAGR growth rate of 5% from 2011 to 2024 [1] - For the first half of 2025, the company reported revenue of HKD 5 billion, with investment property rental income accounting for 94% [1] Investment Property (IP) and Hotel Operations - Mainland IP rental income for 2024 is projected at HKD 6.5 billion, a year-on-year decrease of 5%, with a CAGR growth rate of 7% since 2011 [2] - The company is actively adjusting its retail offerings, with signs of improvement in retail performance, as evidenced by 7 out of 10 shopping centers showing positive rental growth in the first half of 2025 [2] - Hong Kong IP rental income for 2024 is expected to be HKD 3.05 billion, down 9% year-on-year, but showing signs of recovery in retail and residential leasing [2] - The hotel segment, while smaller, has shown stable operations with revenue of HKD 129 million in the first half of 2025, an increase of 84% year-on-year [2] Market Trends - The luxury retail sector, represented by brands like Hermes, Prada, and LVMH, is experiencing a strong recovery, which is expected to positively impact the company's high-end shopping centers [3] Financial Health and Dividends - The company maintains a healthy financial position with interest-bearing debt of HKD 54.8 billion, a year-on-year increase of 3%, and a net debt ratio of 33.5% [3] - The financing cost has reached a near-term low of 3.9%, and the company has consistently maintained a dividend payout ratio of 80% [3] - Despite a decline in annual dividends to HKD 2.5 billion in 2024 due to performance issues, the company aims to restore its dividend policy to primarily cash-based distributions [3] Investment Analysis - The target price is set at HKD 11.7, with a "buy" rating based on the company's focus on core business districts, improving retail performance, and stable financial health [4] - Projected net profits for 2025-2027 are HKD 2.52 billion, HKD 2.55 billion, and HKD 2.64 billion, reflecting year-on-year growth rates of 17%, 1%, and 4% respectively [4]

去年8月起停止运营的原梅龙镇广场物业将迎来新的运营方。12月12日，恒隆地产宣布与上海九百（集 团）有限公司（简称"九百集团"）签约上海南京西路1038号商业运营项目（前身为梅龙镇广场）。项目 由恒隆以20年的营运租赁形式经营，将为恒隆在南京西路的项目增加约96,000平方米的总建筑面积，扩 大约44%至约312,335平方米。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6][7]. Core Insights - The company focuses on high-end commercial properties, actively adjusting operations to improve performance. It has established itself as a benchmark in luxury retail, particularly in key urban areas [6][8]. - Revenue for 2024 is projected at HKD 11.2 billion, reflecting a year-on-year growth of 9%. The company has a stable financial outlook with a dividend payout ratio of 80% [6][7]. - The company’s investment properties (IP) are expected to contribute significantly to cash flow stability, with a focus on high-end markets and a gradual recovery in luxury retail [6][8]. Financial Data and Profit Forecast - Revenue and profit forecasts for the company from 2023 to 2027 are as follows: - Revenue: HKD 10.3 billion (2023), HKD 11.2 billion (2024), HKD 9.9 billion (2025E), HKD 10.1 billion (2026E), HKD 10.4 billion (2027E) [5]. - Net profit attributable to ordinary shareholders: HKD 3.97 billion (2023), HKD 2.15 billion (2024), HKD 2.52 billion (2025E), HKD 2.55 billion (2026E), HKD 2.64 billion (2027E) [5]. - Earnings per share: HKD 0.79 (2023), HKD 0.43 (2024), HKD 0.50 (2025E), HKD 0.50 (2026E), HKD 0.52 (2027E) [5]. - Return on equity (ROE): 3.0% (2023), 1.6% (2024), 1.9% (2025E), 1.9% (2026E), 2.0% (2027E) [5]. Business Structure - The company’s revenue structure is primarily derived from property leasing, which accounts for over 90% of total income. The revenue breakdown for 2024 is as follows: Mainland property leasing (64%), Hong Kong property leasing (30%), property sales (3%), and hotels (3%) [30][32]. - The company operates 10 investment properties in Mainland China and 24 in Hong Kong, with a total floor area of 2.27 million square meters in Mainland China [32][48]. Investment Properties - The company’s investment properties are positioned in high-end markets, with a focus on luxury retail. The rental income from Mainland properties is projected to be HKD 6.5 billion in 2024, with a year-on-year decline of 5% [6][48]. - The company is actively adjusting its retail offerings, with improvements in tenant sales observed since Q3 2024, indicating a potential stabilization in rental income [6][8]. Financial Health and Dividends - The company maintains a healthy financial position with a net debt ratio of 33.5% and a financing cost of 3.9%, which is at a historical low [6][7]. - The dividend payout has been consistent, with an 80% payout ratio, and is expected to return to a primarily cash-based distribution model in the future [6][7]. Target Price and Valuation - The target price for the company is set at HKD 11.7, with a projected price-to-earnings (PE) ratio of 18 for 2025 and 17 for 2027 [6][7].

Company Dynamics - Hang Lung Properties announced a collaboration with Wuxi Liangxi Urban Development Company to acquire the operating rights of a landmark commercial project adjacent to Wuxi Hang Lung Plaza through a long-term lease [1] - This project marks another significant advancement under the "Hang Lung V.3" strategy, which focuses on core cities, high capital efficiency, and selective reinvestment in existing projects [1] Strategic Insights - The expansion into Wuxi aligns with the company's strategy to consolidate its market position with relatively low investment in a competitive landscape [1] - The company has announced light-asset expansions or upgrades in four projects: Kunming, Shanghai, Hangzhou, and Wuxi, which are expected to enhance retail space and improve customer experience [1] Performance Expectations - Wuxi Hang Lung Plaza has shown strong performance since its opening in 2013, with a successful transition to luxury retail since 2019, leading to significant growth in retail sales and rental income [2] - The new project is expected to increase the retail area of Wuxi Hang Lung Plaza by 38% (or 47,000 square meters) and introduce over 80 new brands, further strengthening its competitive advantage in dining, fashion, and lifestyle experiences [2] Financial Projections - The company maintains its profit forecasts and continues to rate the stock as outperforming the industry, with a target price of HKD 9.46 per share, corresponding to a 15x core P/E for 2025 and a 5.5% dividend yield [2] - The stock is currently trading at a 14.5x core P/E for 2025 and a 5.8% dividend yield [3]

Group 1 - The core viewpoint of the article is that Hang Lung Properties has made significant progress in its V.3 strategy by partnering with Wuxi Liangxi Urban Development Company to secure the operating rights of a landmark commercial project adjacent to Wuxi Hang Lung Plaza [1] - The V.3 strategy, officially launched in September, focuses on core cities with high capital efficiency, selective reinvestment in existing projects, and expansion through partnerships [1] - The report indicates that in a relatively clear competitive landscape in core cities, consolidating market position with lower investment is a preferable strategic choice [1] Group 2 - Despite an annual increase in the fourth quarter, the company expects retail sales in mainland malls for October and November to continue the momentum from the third quarter, projecting a 10% year-on-year growth in retail sales for the third quarter [1] - Recent highlights from key projects include successful events at Shanghai Hang Lung Plaza, such as the Home-to-Luxury store celebration and the reopening of the Chanel store on the first floor [1] - The firm maintains its earnings forecast and valuation unchanged, with a rating of "outperforming the industry" and a target price of HKD 9.46 [1]