卓能(集团)(00131)发布公告，预期集团于截至2025年6月30日止年度将取得公司持有人应占亏损9.80亿 港元至11亿港元，而2024财政年度则取得公司持有人应占溢利约1.72亿港元。 由2024财政年度的公司持有人应占溢利转为2025财政年度的预期公司持有人应占亏损，主要乃由于以下 各项的合并影响：(i)由于香港物业并无任何销售交易，导致毛利有所减少;(ii)投资物业公允价值亏损由 2024财政年度的约1.54亿港元增加至2025财政年度的约9.15亿港元;(iii)主要由于出现发展中物业拨备约 1.66亿港元，导致行政费用由2024财政年度之约5700万港元大幅增加至2025财政年度的约2.90亿港元; (iv)由于2025财政年度并无煺回税项，导致所得税计入有所减少。 ...

Core Viewpoint - CICC maintains its earnings forecast for Hang Lung Properties (00101) for 2025-26, reiterating an outperform rating and raising the target price by 11% to HKD 8.9 per share, reflecting a 14.5x target core P/E for 2025 and a 5.8% target dividend yield for 2025, driven by improved operations in mainland shopping centers and solid financial management [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 4.97 billion, a year-on-year decline of 19%, with property leasing income down 3% [2] - Shareholders' net profit was HKD 1.59 billion, a 9% decrease year-on-year, corresponding to an earnings per share of HKD 0.33, in line with expectations [2] - The interim dividend declared was HKD 0.12 per share, unchanged year-on-year [2] Group 2: Mainland Operations - Sales trends in mainland shopping centers showed significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters [3] - Rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income [3] - The overall rental income from mainland office properties declined by 5% year-on-year, with an average occupancy rate down 3.2 percentage points [3] Group 3: Financial Management - As of mid-2025, the company's net debt ratio stood at 33.5%, stable compared to the end of the previous year [4] - Total financial expenses decreased by 7% year-on-year, with average borrowing costs down 0.4 percentage points to 3.9%, supported by changes in HIBOR and debt structure optimization [4] Group 4: Future Outlook - The company anticipates continued improvement in sales and rental income from mainland shopping centers, supported by a stable consumer environment and proactive operational adjustments [5] - New projects, such as Hang Lung Plaza in Hangzhou, are progressing as planned, with expectations for office buildings to gradually complete from the second half of 2025 and shopping centers to open in the first half of 2026 [5] Group 5: Financial Discipline - The company is expected to maintain prudent financial discipline, controlling capital expenditures and managing project disposals and capital circulation [6] - Capital expenditures are projected to decline after reaching a peak this year, with the net debt ratio expected to remain below 40% [6]

Core Viewpoint - CICC maintains its earnings forecast for Hang Lung Properties (00101) for 2025-26, reiterating an outperform rating and raising the target price by 11% to HKD 8.9 per share, reflecting a 14.5x target 2025 core P/E, a 5.8% target 2025 dividend yield, and a 12% upside potential, primarily due to improved operations in mainland shopping centers and the company's robust financial management [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 4.97 billion, a year-on-year decline of 19%, with property leasing income down 3% [2] - Shareholder's basic net profit was HKD 1.59 billion, a 9% decrease year-on-year, corresponding to an earnings per share of HKD 0.33, in line with expectations [2] - The interim dividend declared was HKD 0.12 per share, unchanged year-on-year [2] Group 2: Operational Trends - The sales performance of the company's 10 mainland shopping centers showed a significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters [3] - The rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income, attributed to a recovering consumer environment and strategic tenant adjustments [3] - The rental income from Hong Kong properties decreased by 4% year-on-year, with retail properties down 7% and office properties down 1% [3] Group 3: Financial Management - As of mid-2025, the company's net debt ratio stood at 33.5%, stable compared to the end of the previous year [4] - Total financial expenses decreased by 7% year-on-year, with average borrowing costs down 0.4 percentage points to 3.9%, supported by changes in HIBOR and an optimized debt structure [4] Group 4: Future Outlook - The company anticipates continued improvement in sales and rental income from mainland shopping centers, supported by a stable consumer environment and operational adjustments [5] - New projects, such as Hang Lung Plaza in Hangzhou, are progressing as planned, with expectations for office buildings to gradually complete from the second half of 2025 and shopping centers to open in the first half of 2026, achieving 81% pre-leasing by the end of July [5] - The company aims to maintain prudent financial discipline and stable shareholder returns, with expectations for capital expenditures to decline after reaching a peak this year [6]

Core Viewpoint - McDonald's is planning to sell eight properties in Hong Kong through a public tender, with a total market value of approximately HKD 1.2 billion, while ensuring that its restaurant operations remain unaffected [1][6][7] Group 1: Property Sale Details - The properties for sale are located in areas such as Tsuen Wan, Kennedy Town, and Mong Kok, with sizes ranging from 6,746 to 18,746 square feet, built between 1969 and 1991 [1] - The first phase of the sale involves eight properties, with plans to sell the remaining 15 properties based on market response [6] - The highest valued property in the initial sale is a street-level shop in Tsim Sha Tsui, valued at approximately HKD 460 million [6] Group 2: Company Strategy and Market Commitment - McDonald's global representatives stated that the company regularly reviews its property holdings to optimize its real estate portfolio [1][7] - The sale is led by McDonald's headquarters in Chicago and does not impact the operations of its restaurants in Hong Kong, which will continue under existing lease agreements [1][7] - McDonald's is celebrating its 50th anniversary in Hong Kong and remains committed to the market's growth and innovation [7]

Group 1 - McDonald's plans to sell eight properties in Hong Kong through a public tender, with a bidding deadline of September 16 [1][3] - The properties for sale are located in Tsuen Wan, Kennedy Town, and Mong Kok, with sizes ranging from 6,746 to 18,746 square feet, built between 1969 and 1991 [1][3] - The total market value of the first batch of eight properties is approximately HKD 1.2 billion, with the highest valued property being a street-level shop in Tsim Sha Tsui worth about HKD 460 million [3] Group 2 - McDonald's global representatives stated that the company regularly reviews its property holdings to optimize its real estate portfolio, and the sale of these properties will not affect restaurant operations [5] - McDonald's is celebrating its 50th anniversary in Hong Kong this year and aims to continue its growth and innovation in this important market [5] - The Hong Kong restaurant operations are managed by a consortium led by CITIC, which holds a 52% stake, while McDonald's corporate holds a 48% stake [5]