智通财经网·2025-07-31 01:20Core Viewpoint - Citigroup maintains a "Buy" rating for Hang Lung Properties (00101) with a target price of HKD 7.05, despite a decline in basic earnings and rental income [1][2] Group 1: Financial Performance - Hang Lung Properties reported a basic profit of HKD 1.587 billion for the first half of the year, an 8.5% year-on-year decrease, aligning with expectations and accounting for 53% of Citigroup's current fiscal year estimate [1] - The company's rental income decreased by 3% year-on-year to HKD 4.678 billion, representing 51% of Citigroup's full-year estimate [1] - The rental operating profit also fell by 3% year-on-year to HKD 3.3 billion, with a rental profit margin of 71.5% [1] Group 2: Rental Income Breakdown - Rental income from Hong Kong decreased by 4% year-on-year, with retail income down by 7% and tenant sales declining by 2%, primarily due to reduced rents for major tenants renewing leases in March 2024 [2] - Office rental income in Hong Kong saw a 1% decline, with an occupancy rate of 87% [2] Group 3: Future Outlook - Citigroup is focused on Hang Lung Properties' future dividend prospects, particularly in relation to retail sales and rental expectations in mainland China, the pre-leasing progress of the West Lake 66 project in Hangzhou, capital expenditure plans, and financial management [2]