Zhi Tong Cai Jing·2026-02-02 06:58Core Viewpoint - CICC reports that Hang Lung Properties (00101) announced its performance for the previous year, with revenue of 9.95 billion, a year-on-year decrease of 11.5%, primarily affected by fluctuations in property sales [1] Group 1: Financial Performance - Revenue decreased to 9.95 billion, down 11.5% year-on-year, mainly due to property sales volatility [1] - Rental business revenue fell by 1% year-on-year [1] - Shareholders' net profit attributable increased to 3.2 billion, a year-on-year growth of 3.5%, slightly above market expectations, driven by reduced losses in property sales and a narrower decline in rental income [1] Group 2: Dividends and Market Expectations - Final dividend declared at 0.40 HKD (total annual dividend of 0.52 HKD), corresponding to a dividend yield of 5.5%, in line with market expectations [1] - CICC maintains an "outperform" rating and raises the target price by 12% to 11.6 HKD [1] Group 3: Market Outlook - In January, the retail sales in mainland China remained largely flat year-on-year [1] - Management anticipates a stable and moderate recovery in luxury goods, while non-luxury and dining experiences are expected to continue their positive momentum, projecting single-digit growth in retail sales for the company's mainland shopping malls [1] - Based on adjustments to property sales settlement progress and interest expenses, CICC raised the group's profit forecasts for this year and next by 5% and 8% to 3.2 billion and 3.29 billion, respectively, with year-on-year growth expected to be flat and 3% [1]