Zhi Tong Cai Jing·2025-08-15 06:03Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Implications - Potential asset spin-off may assist Hang Lung in reducing its debt burden [1] - Hang Lung could generate ongoing fee income through a private REIT and establish a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Adjustments to earnings forecasts for the next two years are -4% and +3%, reflecting the latest interim results and the timeline for the completion of the Hangzhou mall [1]