智通财经网·2026-02-02 07:58Group 1 - Bank of America Securities reaffirms "Buy" rating for Hang Lung Properties (00101) with a target price of HKD 10.4 [1] - Core profit is expected to slightly decline by 1% in FY2026, primarily due to offsetting factors such as 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 projected to decline by 1% from FY2025 estimates, recovering to low to mid-single-digit growth in FY2026, while non-luxury categories are expected to perform better [2] - Shanghai's Hang Lung Plaza (GG66) is forecasted to achieve stable rental growth of 3%, while retail growth at Plaza 66 is expected to improve from 1% year-on-year in the second half of 2025 to 4% year-on-year in FY2026 [2]