智通财经网·2025-07-31 09:29Core Viewpoint - The report from Credit Lyonnais indicates that Hang Lung Properties (00101) has met performance expectations for the first half of the year, with an unchanged interim dividend. However, overall tenant sales are expected to be impacted by a decline in luxury goods sales until mid-2025 [1] Group 1: Financial Performance - Hang Lung's domestic tenant sales have shown continuous improvement since Q4 of the previous year, but are still affected by the decline in luxury goods sales [1] - Credit Lyonnais has adjusted the target price for Hang Lung from HKD 5.4 to HKD 7.7, narrowing the discount of net asset value (NAV) from 78% to 67% [1] Group 2: Market Outlook - The firm anticipates that luxury goods sales will continue to decline over the next 12 months due to weak market sentiment and normalization of outbound tourism not yet improving [1] - Positive catalysts for Hang Lung include potential unexpected rate cuts by the Federal Reserve, which could trigger a reassessment of high-yield stocks like Hang Lung [1] Group 3: Risks and Challenges - Negative catalysts include the possibility of weaker-than-expected tenant sales in China, which could lead to profit pressure and affect the ability to maintain absolute dividends and deleverage [1] - The company is viewed as a representative of luxury goods sales in China, holding one of the best luxury shopping centers in mainland China [1]