Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, corresponding to a 15x 2025 target core P/E and a 5.5% target dividend yield, indicating an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with Chanel's new three-story flagship store likely to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail sales of Hang Lung Properties' mainland shopping centers showed a trend of improvement, with Shanghai Hang Lung Plaza's sales improving quarter by quarter [4] - The company anticipates that the operational performance in the second half of the year will continue to improve, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is expected to contribute approximately 16% to the company's total rental income in the first half of 2025, providing support for the company's overall performance and dividend payout [4]