里昂：预计希慎置业(00014)商户销售跑赢大市 升目标价至25港元续列首选

Core Viewpoint - The report from CICC indicates that Hysan Development (00014) is expected to see a 28.3% year-on-year increase in basic profit for 2025, primarily benefiting from its capital recycling strategy, with rental income growing by 1.6% year-on-year [1] Group 1 - Hysan's target price has been raised from HKD 21.4 to HKD 25, maintaining an "outperform" rating and listing it as one of the preferred stocks [1] - The earnings forecasts for Hysan have been increased by 16.5% and 12.3% for the next two years [1] Group 2 - Since Q2 2025, the group's mall foot traffic and merchant sales have recorded over 10% growth, with this momentum continuing into the first two months of this year [1] - The reopening of flagship stores for luxury brands and the expected completion of Lee Garden 8 in Q3 this year are anticipated to support continued outperformance in merchant sales over the coming years [1] - A dividend increase is expected by 2027 [1]