Group 1 - The core viewpoint of the report is that the company, Prosperity Industrial Trust (00778), is expected to announce its full-year results for 2025 in early March 2026, with a maintained buy rating and a target price of HKD 5.92 [1] - The overall occupancy rate of Prosperity is anticipated to see a slight improvement in the second half of 2025, aided by recent asset enhancement projects and the introduction of new dining options and fitness centers [2] - The retail sales market is showing signs of recovery, primarily driven by an increase in tourists, which is benefiting sales in core areas and non-essential goods [2] Group 2 - The company has slightly adjusted its revenue and distribution forecasts for 2025-2027 due to the ongoing stabilization of the Hong Kong retail market, but expects improvements in stock and real estate performance to contribute to wealth effects in the medium to long term [3] - The target price remains unchanged, and the company’s retail portfolio, focused on essential consumption, is expected to maintain resilience and high occupancy rates [4] - The potential inclusion in the Stock Connect program is viewed as a key catalyst for the next 12 months, with the impact of interest rate cuts expected to outweigh the effects of rental adjustments [4]
交银国际：维持置富产业信托买入评级 维持目标价5.92港元