Core Viewpoint - Bank of America Securities maintains a "Neutral" rating on Sun Hung Kai Properties (00016) due to its fiscal year 2025 performance being slightly below expectations [1] Group 1: Company Performance - The company is benefiting from a rebound in the Hong Kong residential market, but the low profit margin from property development may keep short-term earnings per share and dividends flat [1] - The target price for Sun Hung Kai Properties has been slightly increased from HKD 94 to HKD 95 [1] Group 2: Earnings Forecast - The earnings per share forecast for fiscal years 2026 to 2027 has been adjusted downwards by 1% to 4% due to changes in property sales recognition timing [1] - Unless there is a significant increase in Hong Kong property prices in the short term, earnings per share for fiscal years 2026 to 2027 are expected to remain relatively flat [1] Group 3: Market Comparison - Compared to peers with a 4% yield level, the company’s yield compression potential is considered limited [1]