Core Viewpoint - Bank of America Securities upgraded Hang Lung Properties from "Neutral" to "Buy," raising the target price from HKD 7.9 to HKD 9.6, a 22% increase [1] Group 1: Sales and Growth Expectations - The bank noted that tenant sales in mainland China improved consecutively from June to July, with expectations of low single-digit growth in tenant sales for the second half of the year due to a lower comparison base [1] - Catalysts for growth include the opening of the flagship store at Shanghai Hang Lung Plaza and short-term asset sales, including serviced apartments in Wuxi and the East Mid-Levels property in Hong Kong, aimed at accelerating deleveraging [1] Group 2: Management and Financial Outlook - Hang Lung Properties' management emphasized careful consideration of the dilution impact from equity fundraising, indicating that the likelihood of issuing convertible bonds in the short term is low [1] - The dividend yield is reported at 6.5%, which is higher than the industry average of 5% [1] - Earnings per share forecasts for the fiscal years 2025 to 2027 have been adjusted, with changes ranging from a decrease of 2% to an increase of 1% [1]