Ge Long Hui·2025-07-31 06:33Core Viewpoint - Credit Suisse's report indicates that Hang Lung Properties' performance in the first half of the year met expectations, with the interim dividend remaining unchanged. However, overall tenant sales are expected to be impacted by a decline in luxury goods sales in the first half of 2025 [1] Group 1: Company Performance - Hang Lung Properties' mid-year performance aligns with expectations, maintaining its interim dividend [1] - Tenant sales in mainland China have shown continuous improvement since Q4 of the previous year, but are still expected to be affected by declining luxury goods sales [1] Group 2: Market Outlook - Credit Suisse anticipates that luxury goods sales will continue to decline over the next 12 months due to weak market sentiment and normalization of outbound tourism [1] - The target price for Hang Lung Properties has been raised from HKD 5.4 to HKD 7.7, while maintaining a "Hold" rating [1] Group 3: Catalysts - Positive catalysts for Hang Lung include potential reassessment of high-yield stocks like Hang Lung if the US Federal Reserve's interest rate cuts exceed expectations [1] - Negative catalysts include weaker-than-expected tenant sales in mainland China, which could lead to profit pressure and impact the ability to maintain absolute dividends and deleverage [1]