智通财经网·2026-01-19 07:17Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties (00101) in mainland China will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which fell by 3% year-on-year in the interim [1] Group 1: Financial Performance - The expected year-on-year decline in basic net profit attributable to shareholders for the full year is projected to narrow to 4%, compared to a 9% decline in the interim [1] - The total annual dividend per share is expected to be 52 Hong Kong cents, consistent with 2024, with 12 Hong Kong cents already distributed in the interim [1] Group 2: Target Price and Ratings - CICC maintains a "outperform" 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] Group 3: Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been reduced by 3% and 4% to HKD 2.97 billion and HKD 3.04 billion, respectively, reflecting a 4% year-on-year decline and a 2% increase [1] - The introduction of the 2027 profit forecast is set at HKD 3.04 billion, remaining flat compared to 2026 [1] Group 4: Future Performance Outlook - If considering the adjusted capitalized interest for property leasing basic net profit, the company's operating performance and dividend capacity are expected to continue to recover at a single-digit percentage annual rate starting from 2026 [1]