Zhi Tong Cai Jing·2026-01-28 03:39Group 1 - The core viewpoint of the article highlights that Hang Lung Properties (00101) has seen a stock price increase of over 3%, currently trading at HKD 9.37, with a transaction volume of HKD 82.55 million [1] - HSBC Research indicates that the improvement in Hang Lung's shopping center business, along with a new light-asset expansion strategy, is expected to enhance its profit outlook and dividend certainty, providing support for the stock price [1] - HSBC anticipates that Hang Lung's earnings for the fiscal year 2025, excluding property sales, will stabilize year-on-year, showing a significant improvement from a previous 25% decline [1] Group 2 - The report notes that tenant sales in Hang Lung's shopping malls are gradually recovering, particularly in two Shanghai malls, while the Hong Kong mall business shows signs of stabilization, which is favorable for driving profit growth in 2026 [1] - HSBC expects that tenant sales in Hang Lung's mainland China malls will maintain a year-on-year growth of 10% in the fourth quarter, following a similar trend observed in high-end retailers like Richemont and Burberry [1] - Hong Kong's retail sales recorded a year-on-year increase of 6.5% in November 2025, marking the seventh consecutive month of growth, which is likely to support the stabilization of the company's local retail business [1]