Zhi Tong Cai Jing·2026-03-24 09:05Group 1 - The core viewpoint of the article is that Citigroup has adjusted its earnings forecast for Henderson Land Development (00012), increasing the 2023 forecast by 2.4% while reducing the 2027 to 2028 forecasts by 7% to 9% [1] - The forecast for dividends per share from 2026 to 2028 has been lowered by 16%, maintaining the target net asset value (NAV) prediction at 40% [1] - The target price for Henderson Land has been revised down from HKD 35.32 to HKD 34.2, with a rating of "Buy" [1] Group 2 - Henderson Land's management aims to stabilize dividend payments, currently lacking a fixed payout ratio [1] - Shareholder loans are viewed as internal financing distribution, reflecting ongoing support from shareholders, with no repayment deadline and interest subject to mutual agreement [1]