Ge Long Hui·2026-01-19 06:37Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties' mainland shopping malls will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which is expected to decrease by 3% year-on-year in the mid-term [1] Group 1: Financial Performance - The expected year-on-year decline in the basic net profit attributable to shareholders is projected to narrow to 4% for the full year, compared to a 9% decline in the mid-term [1] - The total expected dividend per share for the year is 52 Hong Kong cents, with an interim dividend of 12 Hong Kong cents already distributed, maintaining the same level for 2024 [1] Group 2: Market Outlook - CICC maintains a "outperform the industry" rating for the group and raises the target price by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026, a 5% dividend yield, and a 10% upside potential [1] - The adjustments in the target price primarily reflect changes in market risk appetite [1]