智通财经网·2025-08-21 08:17Core Viewpoint - Goldman Sachs has adjusted its earnings forecasts for Hang Lung Properties (00012) for the fiscal years 2025 to 2027, with a slight increase for 2025 and decreases for the following two years, while maintaining the dividend forecast unchanged [1] Financial Performance - The company reported an earnings per share (EPS) of HKD 0.6 for the first half of the year, representing an 8% year-on-year decline and an 11% decrease compared to the second half of the previous year [1] - The pre-tax income from land recovery was HKD 240 million, significantly lower than the HKD 2.5 billion reported in the same period last year [1] - Excluding one-time gains and the impact of investment property revaluation, the recurring basic EPS was HKD 0.58, down 4% year-on-year and 11% below Goldman Sachs' expectations, primarily due to lower-than-expected profit margins in property development [1] Dividend and Payout Ratio - The interim dividend remains at HKD 0.5 per share, aligning with Goldman Sachs' expectations [1] - The average payout ratio for the next three years is projected to be around 105%, compared to an average of approximately 78% over the past five years [1] Debt and Financial Ratios - As of June 30, 2025, the debt ratio is approximately 21%, unchanged from the end of the previous year; when including parent company loans, the debt ratio rises to about 43%, an increase of 2 percentage points from the second half of last year [1] Target Price and Rating - The target price for Hang Lung Properties has been slightly reduced by 1.5% to HKD 19.3, with a maintained "Sell" rating [1]