智通财经网·2025-12-16 09:11Core Viewpoint - Morgan Stanley has set a target price of HKD 10 and an "Overweight" rating for Hang Lung Properties (00101) following the successful acquisition of long-term operating leases for expansion projects in Shanghai and Wuxi [1] Group 1: Company Developments - The company has successfully secured long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Hang Lung Plaza in Wuxi [1] - The management indicated that the projected internal rate of return (IRR) for each new light-asset project is in the double-digit percentage range, with a payback period within ten years [1] - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1] Group 2: Market Outlook - Hang Lung Properties remains one of Morgan Stanley's preferred stocks due to the continuous improvement in tenant sales in mainland China [1] - The company anticipates that the light-asset operating leases will start contributing to growth in the fiscal year 2028/29, providing new growth momentum [1] - The stock is considered attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1]