随着香港住宅市场回暖支持今年发展物业销售，该行认为恒隆有机会于2026年上半年取消"以股代息"计 划，虽然管理层未承诺具体时间表。恒隆目前交易对应的股息率为5.5%，较资产净值折让约60%，该行 认为估值吸引。基于写字楼租金下调，将2026至2027财年每股盈利预测轻微下调1%。 美银证券发布研报称，重申对恒隆地产(00101)"买入"评级，目标价10.4港元。该行预期，2026财年核心 利润将轻微下跌1%，主要由于内地零售租金增长及发展物业利润改善(2025财年录亏损)，被写字楼收入 下降及资本化利息显著减少所抵销。 管理层指出，尽管2026年与2025年农历新年时间不同致对比不利，但1月份中国内地租户销售额大致持 平。预计奢侈品零售将从2025财年估计下跌1%，恢复至2026财年的低至中单位数增长;而非奢侈品类表 现将更优。预测更依赖基本租金的上海港汇恒隆广场(GG66)将实现稳定的3%租金增长，而上海恒隆广 场(Plaza66)零售增长将从2025年下半年的同比1%，改善至2026财年的同比增长4%。营运成本率维持在 合理范围，介乎约十几个百分点。管理层强调加强武汉非奢侈品租户表现的新举措，以及在沈阳引 ...

随着香港住宅市场回暖支持今年发展物业销售，该行认为恒隆有机会于2026年上半年取消"以股代息"计 划，虽然管理层未承诺具体时间表。恒隆目前交易对应的股息率为5.5%，较资产净值折让约60%，该行 认为估值吸引。基于写字楼租金下调，将2026至2027财年每股盈利预测轻微下调1%。 管理层指出，尽管2026年与2025年农历新年时间不同致对比不利，但1月份中国内地租户销售额大致持 平。预计奢侈品零售将从2025财年估计下跌1%，恢复至2026财年的低至中单位数增长; 而非奢侈品类表 现将更优。预测更依赖基本租金的上海港汇恒隆广场(GG66)将实现稳定的3%租金增长，而上海恒隆广 场(Plaza 66)零售增长将从2025年下半年的同比1%，改善至2026财年的同比增长4%。营运成本率维持在 合理范围，介乎约十几个百分点。管理层强调加强武汉非奢侈品租户表现的新举措，以及在沈阳引入新 的运动休闲设施以提升客流量。杭州恒隆广场(Westlake 66)的预租率达到令人鼓舞的91%，预计于2026 年第二季及第三季的开业率分别为80%及90%。 智通财经APP获悉，美银证券发布研报称，重申对恒隆地产(00101)"买入 ...

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition to a new management era led by Chen Wenbo, amidst challenges in the real estate market and a strategic transformation towards optimizing existing assets [1][2][4]. Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [1][4]. - This change follows the recent transition to a third-generation management team under Chen Wenbo, who took over from the long-serving chairman Chen Qizong in April 2024 [3][4]. - The management change is seen as a natural progression in the company's strategic shift from heavy asset expansion to optimizing existing assets [4][5]. Financial Performance and Market Challenges - Hang Lung's stock price has significantly declined from over HKD 18 per share in 2019 to around HKD 8, reflecting the pressures from structural adjustments in the industry and the company's strategic transformation [2][4]. - For the first half of 2025, rental income from mainland properties fell by 2% to HKD 3.199 billion, with operating profit also declining by 2% [4][14]. - The flagship Shanghai Hang Lung Plaza's occupancy rate dropped from a long-term 100% to 98%, with sales down by 8% [4][14]. Strategic Initiatives - The company has initiated a strategic response to market pressures, including a shift away from distinguishing between "high-end" and "sub-high-end" shopping categories, indicating a more flexible approach to customer adaptation [5][14]. - Recent operational data showed a 15% year-on-year increase in total tenant sales during the National Day holiday period, with some properties like Shanghai Port International achieving a 50% sales increase [5][15]. - The V.3 strategy, led by Chen Wenbo, aims to expand core business areas through a light-asset model, with significant projects underway in Shanghai, Hangzhou, and Wuxi [5][15]. Future Outlook and Challenges - The new management team faces challenges, including uncertain retail consumption growth and a competitive office market, with a 5% decline in office income reported for the first half of the year [6][14]. - The transition to a light-asset model involves substantial investment in property renovations, raising concerns about cost overruns and maintaining the high-end brand image while attracting new customer segments [6][16]. - The upcoming selection of Lu Weibao's successor will be critical for maintaining strategic continuity and addressing the multifaceted challenges facing the company [6][18].

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition as the company enters a new era under the leadership of Chen Wenbo, the third-generation successor, amidst ongoing challenges in the real estate market and a strategic transformation towards optimizing existing assets [5][7][14]. Group 1: Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [5][14]. - This change follows the retirement of former chairman Chen Qizong in 2024, indicating a shift to a management team led by Chen Wenbo [5][7]. - The transition is seen as a natural progression in the company's strategic transformation, with Lu having laid the groundwork for the "V.3" strategy [7][14]. Group 2: Strategic Transformation - The "V.3" strategy aims to shift from heavy asset expansion to optimizing existing assets, responding to the challenges posed by the real estate market and luxury consumption decline [7][10]. - The company has begun to adapt its operational logic by no longer distinguishing between "high-end" and "mid-range" shopping centers, indicating a more flexible approach to market demands [8][10]. - Recent operational data shows a 15% increase in total tenant sales for mainland properties during the National Day holiday, with significant sales growth in key locations [8][9]. Group 3: Market Challenges - Hang Lung's rental income from mainland properties fell by 2% to HKD 31.99 billion in the first half of 2025, with flagship projects experiencing a decline in occupancy rates [8][9]. - The office market remains under pressure, with a 5% drop in income from mainland office buildings in the first half of the year [10]. - The company faces challenges in balancing the introduction of new retail concepts while maintaining its high-end positioning to avoid losing its existing customer base [10][13]. Group 4: Future Outlook - The selection of Lu Weibao's successor will be closely watched, as the new CEO's ability to uphold strategic consensus and navigate multiple challenges will be crucial for the company's transformation [14]. - The core value of prime commercial locations remains a significant asset, supported by favorable policies and consumer potential in new first-tier cities [13][14]. - The successful execution of the "V.3" strategy and the management transition will be pivotal for restoring investor confidence and achieving sustainable growth [13][14].

Core Viewpoint - The report from Industrial Securities initiates coverage on Hang Lung Properties (00101) with a "Buy" rating, anticipating stable rental income growth as the Hang Lung Plaza in Hangzhou opens in phases, alongside a decline in capital expenditure and net debt ratio starting in 2026, with dividends expected to remain stable and return to pure cash dividends [1] Group 1: High-End Shopping Malls - The company focuses on high-end shopping malls, occupying core business districts, with 10 high-end malls in 9 major cities in mainland China as of H1 2025, establishing itself as a benchmark mall through years of operation and updates, particularly the Shanghai Hang Lung Plaza, which has become a leading luxury mall in Shanghai after over 20 years of operation [1] Group 2: Rental Income Recovery - The core projects, Shanghai Hang Lung Plaza and Shanghai Port International Hang Lung, contribute over 50% of the rental income from retail properties in mainland China, with rental income growth turning positive year-on-year in H1 2025; the overall rental income decline is expected to narrow in 2025 due to stable performance and the opening of the Hangzhou Hang Lung Plaza office space in the second half of 2025 [2] Group 3: Hangzhou Hang Lung Plaza Contribution - The Hangzhou Hang Lung Plaza, a key development project, is set to open part of its office space in the second half of 2025, with a pre-leasing rate of 22% as of H1 2025; the shopping center portion is expected to open in the first half of 2026, with a pre-leasing rate of 77%, which will enhance the company's recurring income and support stable dividend capabilities [3] Group 4: Dividend Stability - From 2013 to 2022, the company maintained a steady increase in cash dividends per share; however, in 2023, it introduced a scrip dividend for the first time, leading to a 33% decline in the dividend per share to HKD 0.52 in 2024; the company is expected to maintain dividend stability and potentially return to pure cash dividends after the retail portion of the Hangzhou Hang Lung Plaza opens [4] Group 5: Net Debt Ratio Outlook - As of H1 2025, the company's net debt ratio stands at 33.5%, stable compared to the end of 2024; it is anticipated that the net debt ratio will decline by the end of 2026 following the opening of the retail portion of the Hangzhou Hang Lung Plaza in the first half of 2026 [5]

Core Viewpoint - The report from Industrial Securities initiates coverage on Hang Lung Properties (00101) with a "Buy" rating, anticipating stable rental income growth as the Hang Lung Plaza in Hangzhou opens in phases, with capital expenditure and net debt ratio expected to decline from 2026, and dividends likely to remain stable and return to pure cash dividends [1] Group 1: Market Position and Strategy - The company focuses on high-end shopping malls, occupying core business districts, with 10 high-end malls in 9 major cities in mainland China as of H1 2025, establishing itself as a benchmark mall through years of operation and updates, particularly the Shanghai Hang Lung Plaza, which has become a leading luxury mall in Shanghai after over 20 years of operation [1] Group 2: Rental Income Performance - The core projects, Shanghai Hang Lung Plaza and Shanghai Port International Plaza, contribute over 50% of the rental income from retail properties in mainland China, with rental income growth turning positive in H1 2025, indicating stabilization in core project performance and potential narrowing of overall rental income decline in 2025 due to the opening of Hangzhou Hang Lung Plaza's office space in the second half of 2025 [2] Group 3: Future Growth from Hangzhou Project - The Hangzhou Hang Lung Plaza, set to open part of its office space in the second half of 2025, has a pre-leasing rate of 22% as of H1 2025, while the shopping center portion has a pre-leasing rate of 77%, which is expected to enhance the company's recurring income and support stable dividend capabilities [3] Group 4: Dividend Stability - From 2013 to 2022, the company maintained a steady increase in cash dividends per share, but proposed a scrip dividend for the first time at the end of 2023, resulting in a 33% decline in the first dividend per share to HKD 0.52 in 2024; however, with expected narrowing of rental income decline and significant reduction in capital expenditure post-completion of Hangzhou Hang Lung Plaza, the company is believed to have the capacity to maintain stable dividends and potentially restore pure cash dividends after the retail portion opens [4] Group 5: Debt Management - As of H1 2025, the company's net debt ratio stands at 33.5%, stable compared to the end of 2024; it is anticipated that the net debt ratio will decline by the end of 2026 following the opening of the retail portion of Hangzhou Hang Lung Plaza in the first half of 2026 [5]

Core Viewpoint - Morgan Stanley has raised the target price for Hang Lung Properties (00101) from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50%, maintaining an "Overweight" rating [1] Group 1: Financial Performance - The mainland retail business of the group is showing signs of recovery, with tenant sales in Shanghai's Grand Gateway 66 and Plaza 66 increasing by 31% and 8% year-on-year in Q3, compared to a 10% increase and an 8% decline in the first half of the year [1] - During the first four days of the National Day Golden Week, overall tenant sales in mainland malls increased by 15%, with Wuhan's Heartland 66 and Shanghai's Grand Gateway 66 recording year-on-year increases of over 70% and 50%, respectively [1] Group 2: Earnings Forecast - The bank has adjusted its earnings per share forecasts for 2026 and 2027 to HKD 0.62 and HKD 0.68, down from previous estimates of HKD 0.65 and HKD 0.69, due to expectations of a slower recovery in EBIT profit margins [1] Group 3: Catalysts for Growth - The luxury goods group LVMH has indicated improvements in its mainland business in Q3, and the upcoming opening of Hang Lung Plaza in Hangzhou, which has already pre-leased 83% of its retail space and 27% of its office space, is expected to be a significant growth catalyst, contributing notably by 2027 [1]

Core Viewpoint - DBS Research indicates that Hang Lung Properties' overall tenant sales in mainland China grew by 10% year-on-year in Q3 2025, primarily driven by Shanghai's Plaza 66, with Wuhan's performance stabilizing and gradual openings in Hangzhou expected to support future rental income growth [1] Group 1: Sales Performance - Tenant sales in mainland China increased by 10% year-on-year in Q3 2025 [1] - Shanghai Plaza 66 was the main contributor to this growth, while Wuhan's sales performance is stabilizing [1] Group 2: Future Developments - Hangzhou Plaza is set to gradually open, with office buildings and shopping mall sections expected to commence operations in phases starting this year and Q2 next year, achieving pre-leasing rates of 27% and 83% respectively [1] Group 3: Investment Outlook - DBS believes that Hang Lung's valuation remains attractive, especially for long-term investors seeking exposure to China's high-end retail sector [1] - The target price for Hang Lung has been raised from HKD 9.38 to HKD 10, maintaining a "Buy" rating [1]

Core Viewpoint - DBS has released a report indicating that the valuation of Hang Lung Properties (00101) remains attractive, particularly for long-term investors seeking opportunities in China's high-end shopping mall sector. The report maintains a "Buy" rating and raises the target price from HKD 9.38 to HKD 10 [1] Group 1: Company Performance - Hang Lung is recognized as a leading commercial real estate developer in China, holding a portfolio of commercial properties for long-term investment purposes [1] - The report anticipates improvements in tenant sales and expansion of the property portfolio, which are expected to drive rental income growth [1] Group 2: Market Trends - Overall tenant sales in Hang Lung's mainland China malls are projected to increase by 10% year-on-year by the third quarter of 2025, primarily driven by the performance of Shanghai's Plaza 66 [1] - The sales performance of Wuhan's Hang Lung Plaza is stabilizing, while the Hang Lung Plaza in Hangzhou is set to gradually open, with office buildings and mall sections expected to be phased in starting this year and the second quarter of next year, achieving pre-leasing rates of 27% and 83% respectively [1]

Core Viewpoint - Hang Lung Properties (00101) experienced a stock price increase of over 3%, reaching HKD 9.07, with a trading volume of HKD 63.39 million, following the release of strong preliminary operational data for its properties in mainland China and Hong Kong during the National Day Golden Week [1] Group 1: Operational Performance - The preliminary operational data for the period from October 1 to 4, 2025, indicates significant growth in tenant sales and foot traffic in mainland shopping malls, with total tenant sales increasing by approximately 15% year-on-year [1] - Notable performances were recorded at Wuhan Hang Lung Plaza and Shanghai Port International Plaza, where tenant sales surged by over 70% and 50%, respectively [1] - On National Day (October 1), tenant sales in the mainland property portfolio saw a year-on-year increase of over 20%, with 70% of operational malls achieving double-digit growth [1] Group 2: Marketing Strategies - The strong performance during the Golden Week can be attributed to a variety of marketing activities and effective membership promotion strategies implemented across the mainland properties [1] - Wuhan Hang Lung Plaza attracted a large number of customers due to the debut of the popular IP "ButterBear" autumn baking workshop, resulting in tenant sales doubling compared to the previous year [1]