Shenwan Hongyuan Securities·2026-02-02 13:44Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of HKD 9.95 billion for 2025, a decrease of 11% year-on-year, while the core net profit increased by 3% to HKD 3.20 billion, aligning with expectations [6] - Retail performance in mainland China showed a quarterly recovery, with rental income from mainland properties remaining stable at RMB 5.88 billion [6] - The company declared a dividend of HKD 0.52 per share, maintaining a high payout ratio of 82% [6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: HKD 11,242 million - 2025: HKD 9,950 million - 2026E: HKD 10,693 million - 2027E: HKD 11,112 million - 2028E: HKD 11,551 million - The expected growth rates for revenue are 9.0% for 2024, -11.5% for 2025, and 7.5% for 2026 [5][7] - The forecasted net profit for 2026 is HKD 2.99 billion, with a year-on-year growth of 65.6% [5] - The company’s return on equity (ROE) is projected to be 2.2% in 2026, with a price-to-earnings (PE) ratio of 15.6 [5]