美银证券：维持恒隆地产“买入”评级 目标价10.4港元

Group 1 - Bank of America Securities reaffirms "Buy" rating for Hang Lung Properties (00101) with a target price of HKD 10.4 [1] - The expected core profit for the fiscal year 2026 is projected to decline slightly by 1%, primarily due to the offsetting effects of improved retail rental growth and development property profits against declining office income and significantly reduced capitalized interest [1] - The current dividend yield for Hang Lung is 5.5%, with a discount of approximately 60% to net asset value, indicating attractive valuation [1] Group 2 - Management noted that despite unfavorable comparisons due to the different timing of the Lunar New Year in 2026 versus 2025, sales for tenants in mainland China remained relatively stable in January [2] - Luxury retail is expected to decline by 1% from the estimates for fiscal year 2025, recovering to low to mid-single-digit growth in fiscal year 2026, while non-luxury categories are anticipated to perform better [2] - Shanghai's Hang Lung Plaza (Plaza66) is projected to improve retail growth from a year-on-year increase of 1% in the second half of 2025 to a year-on-year growth of 4% in fiscal year 2026 [2]