Core Viewpoint - JPMorgan has raised the forecast for Hang Lung Properties' (00101) annual tenant sales growth to between 10% and 15%, up from the previous estimate of 5% to 10%, with a target price of HKD 12 and a rating of "Overweight" [1] Group 1 - The stock price of Hang Lung Properties has corrected approximately 10% from its recent high, with southbound investors reducing their holdings, while offshore investor interest is increasing [1] - The current valuation is attractive, equivalent to a 67% discount to the estimated net asset value (NAV) per share and a yield of 5.6% [1] - JPMorgan reaffirms Hang Lung Properties as one of its preferred stocks, with a potential upside of 30% [1] Group 2 - Based on feedback from local experts, luxury brands, and other owners, it is estimated that tenant sales in mainland China for Hang Lung Properties could further increase in the first two months of 2026, potentially accelerating from a year-on-year growth of 18% in Q4 of last year to over 20% in the first two months of this year [1] - The growth is supported by the mid to high single-digit growth in the luxury fashion sector, with the gold and jewelry category expected to grow between 50% and 100% [1]

Core Viewpoint - The report from CMB International indicates that the performance of Henderson Land Development (00012) in the first half of this year met expectations, despite a significant decline in revenue and core net profit [1] Financial Performance - Revenue decreased by 18.8% year-on-year to HKD 9.55 billion [1] - Core net profit fell by 44.4% year-on-year to HKD 3.05 billion [1] - The decline in net profit is primarily attributed to a drop in gross margin and a one-time compensation of approximately HKD 1.06 billion received from the government for land recovery in the first half of 2024 [1] Dividend Policy - The company maintained an interim dividend of HKD 0.5 per share [1] Investment Outlook - CMB International believes that the short-term risks for the company's core business have decreased, but there remains uncertainty in the medium to long term [1] - The rating for Henderson Land is maintained at "Neutral," with a target price adjusted to HKD 25.9, reflecting a 55% discount to net asset value (previously 60%) [1]