Ge Long Hui·2026-02-02 02:57Core Viewpoint - Citigroup's report indicates that Hang Lung Properties has potential upside in its 2026 same-store sales growth (SSSG) target of approximately 5% to 7% [1] Group 1: Sales Growth and Performance - The forecast for Q4 2025 SSSG is an annual growth of 18%, which would set a historical high, driven by a diverse non-luxury product mix, the opening of new flagship stores in the second half of 2025, and initiatives to attract foot traffic and enhance customer retention [1] - The report highlights that the company's performance is gradually stabilizing and improving, with a moderate recovery expected to continue [2] Group 2: Financial Outlook - As the debt ratio and capital expenditures gradually decline, along with sustained growth in rental income, Hang Lung Properties may be able to offer pure cash dividends starting in 2026, with an expected yield of approximately 5.6% [1] - Citigroup maintains a "Buy" rating for Hang Lung Properties, raising the target price from HKD 10.1 to HKD 11.2 [1]