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 - 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 has started to improve, 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% year-on-year, with Wuhan's Heartland 66 and Shanghai's Grand Gateway 66 recording over 70% and 50% year-on-year increases, respectively [1] Group 2: Earnings Forecast - The bank has lowered its earnings per share forecasts for 2026 and 2027 to HKD 0.62 and HKD 0.68, respectively, from previous estimates of HKD 0.65 and HKD 0.69, due to expectations of a slower recovery in EBIT margins from now until 2027 [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 the 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 - Morgan Stanley raised the target price for Hang Lung Properties 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: Retail Performance - The mainland retail business of the group is showing signs of recovery, with tenant sales in Shanghai's Plaza 66 and Hang Lung Plaza increasing by 31% and 8% year-on-year in Q3, compared to 10% growth and an 8% decline in the first half [1] - During the National Day Golden Week, overall tenant sales in mainland malls grew by 15% year-on-year in the first four days, with Wuhan Hang Lung Plaza and Shanghai Plaza 66 recording year-on-year increases of over 70% and 50%, respectively [1] Group 2: Key Catalysts - The luxury goods group LVMH indicated an improvement in mainland operations in Q3, alongside the establishment of a gold shop at Plaza 66 and the opening of Hang Lung Plaza in Hangzhou, which are seen as key catalysts [1] - Hang Lung Plaza in Hangzhou has already pre-leased 83% of its retail space and 27% of its office space, expected to contribute significantly 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]

Core Viewpoint - Hang Lung Properties (00101) has shown a strong performance with a stock increase of over 3%, reaching HKD 9.07, driven by positive preliminary operational data from its property portfolio in mainland China and Hong Kong during the National Day Golden Week [1] Group 1: Operational Performance - The preliminary operational data for the property portfolio from October 1 to 4, 2025, indicates significant growth in tenant sales and foot traffic in mainland China, with a total tenant sales increase of approximately 15% year-on-year [1] - Notably, Wuhan Hang Lung Plaza and Shanghai Port International Hang Lung Plaza experienced remarkable sales growth, with tenant sales surging over 70% and 50% respectively [1] - On October 1, the National Day itself, tenant sales in the mainland property portfolio increased by over 20%, with 70% of the operational malls recording double-digit growth [1] Group 2: Marketing Strategies - The strong performance during the holiday period can be attributed to effective marketing activities and promotional strategies, including a successful membership promotion [1] - The popularity of the "ButterBear" autumn baking workshop at Wuhan Hang Lung Plaza significantly attracted customers, leading to a doubling of tenant sales compared to the previous year [1]

Core Viewpoint - Hang Lung Properties reported a significant increase in tenant sales for its mainland properties during the first four days of the National Day Golden Week, with an overall year-on-year growth of approximately 15% [1] Group 1: Tenant Sales Performance - Tenant sales for Hang Lung Properties' mainland portfolio increased by over 20% on October 1, with 70% of its operating malls recording double-digit growth [1] - Wuhan Hang Lung Plaza and Shanghai Port International Hang Lung Plaza were the standout performers, with tenant sales surging by over 70% and 50% respectively [1] - The overall tenant sales for the mainland portfolio rose by nearly 20% during the first four days, driven by popular events such as the "ButterBear" autumn baking workshop in Wuhan [1] Group 2: Customer Traffic Insights - The overall customer traffic for the mainland properties increased by over 20% in both Wuxi and Wuhan during the first four days compared to the same period last year [1] - In Hong Kong, customer traffic for the first four days of the National Day Golden Week grew by 4%, with The Peak contributing significantly with a 26% increase [1]