小摩：维持恒隆地产首选股之列 目标价10港元

Core Viewpoint - Morgan Stanley has set a target price of HKD 10 for Hang Lung Properties (00101) and assigned an "Overweight" rating, highlighting the company's potential for growth due to recent lease agreements and attractive valuation [1][5]. Group 1: Company Developments - Hang Lung Properties 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][5]. - 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][5]. - The recent addition of three light-asset leases has increased the company's property portfolio by 185,000 square meters [1][5]. Group 2: Market Outlook - Morgan Stanley considers Hang Lung Properties as one of its preferred stocks due to the continuous improvement in tenant sales in mainland China [1][5]. - 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][5]. - The stock is viewed as attractively valued, with a dividend yield of 5.8% and high certainty in dividend payouts [1][5].