Zhi Tong Cai Jing·2025-09-05 04:03Group 1 - Morgan Stanley upgraded the rating of Sun Hung Kai Properties (00101) to "Overweight" and raised the target price from HKD 6.5 to HKD 9 [1] - In the short term, the sales of tenants in the mainland shopping malls improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Shanghai Plaza 66's sales turned from a 4% decline in Q2 to flat [1] Group 2 - Long-term growth is expected to benefit from the recovery in consumer demand driven by inbound tourism and tax refund policies [1] - The pre-leasing rate of the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield of the company is 6.5%, which is higher than its peers [1] - It is anticipated that share dilution from scrip dividends may cease after the full-year results announcement in 2025 [1]