Ge Long Hui·2025-07-30 07:55Core Viewpoint - Citigroup's report indicates that Hang Lung Properties' basic profit for the first half of the year decreased by 8.5% year-on-year to HKD 1.587 billion, aligning with expectations and accounting for 53% of the bank's estimate for the current fiscal year [1] Financial Performance - Basic profit decreased by 8.5% to HKD 1.587 billion [1] - Rental income declined by 3% year-on-year [1] - Losses from property development and hotel operations widened [1] - Net financing costs increased by 11% year-on-year due to an expanded debt scale, despite a reduction in average financing costs [1] Dividend Information - Interim dividend per share is HKD 0.12 [1] - The implied interim dividend payout ratio is 36%, compared to 32% for the first half of 2024 [1] - The company continues to offer a scrip dividend option [1] Market Focus - The market is expected to focus on Hang Lung Properties' future dividend outlook, mainland retail sales/rental expectations, pre-leasing progress of the West Lake 66 project in Hangzhou, capital expenditure plans, and fund management [1] Investment Rating - Citigroup maintains a "Buy" rating for Hang Lung Properties with a target price of HKD 7.05 [1]