Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Generation - Potential asset spin-offs may assist Hang Lung in reducing its liabilities [1] - The company could generate ongoing fee income through a private REIT and maintain a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [1]

Group 1 - UBS's research report suggests that a potential asset spin-off into a private REIT could change investors' perception of Hang Lung Properties [1] - The stock's P/B ratio is only 0.29 times, and any asset divestiture would help narrow the discount to net asset value (NAV) per share [1] - Potential asset spin-offs may assist Hang Lung in reducing its debt [1] Group 2 - Hang Lung can generate fee income through a private REIT and has a platform for future capital recovery [1] - UBS raised the target price for Hang Lung Properties from HKD 8.4 to HKD 9.6, maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [1]