智通财经网·2025-08-25 08:26Core Viewpoint - The report from CMB International indicates that Hang Lung Properties (00012) has met expectations for its performance in the first half of the year, despite a significant decline in revenue and core net profit [1] Financial Performance - Revenue decreased by 18.8% year-on-year to HKD 9.55 billion [1] - Core net profit fell by 44.4% year-on-year to HKD 3.05 billion [1] - The decline in net profit is primarily attributed to a drop in gross margin and a one-time compensation of approximately HKD 1.06 billion from the government for land recovery in the first half of 2024 [1] Dividend Information - The company maintained a dividend of HKD 0.5 per share for the half-year [1] Analyst Rating and Target Price - CMB International believes that short-term risks for the company's core business have decreased, but medium to long-term uncertainties remain [1] - The rating for Hang Lung Properties is maintained at "Neutral," with a target price adjusted to HKD 25.9, reflecting a 55% discount to net asset value (previously 60%) [1]