瑞银：升希慎兴业目标价至15.7港元 评级“中性”

Core Viewpoint - UBS reports that the stock price of Hysan Development (00014) has increased by 33% year-to-date, driven by a decline in the Hong Kong Interbank Offered Rate (HIBOR) and improvements in the retail and office market fundamentals in Hong Kong [1] Group 1: Financial Performance - The operating cash flow is expected to generally cover dividend payments from 2025 to 2026, despite limited buffer space [1] - UBS has lowered its earnings per share forecast for Hysan for 2026 to 2027 by 7% to 9% [1] Group 2: Market Conditions - The difficulty in obtaining new financing is increasing, primarily due to commercial banks maintaining a cautious stance towards Hong Kong commercial real estate [1] - High bond yields may trigger a dividend cut if there is any deterioration in the fundamentals [1] Group 3: Price Target and Rating - UBS has raised its target price for Hysan from HKD 11 to HKD 15.7, maintaining a "Neutral" rating [1]