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OCBC: Maintain the buy rating for Hang Lung Properties, with a target price lowered to HKD 9.71.
DBS released a research report maintaining a "buy" rating for Hang Lung Properties (00101) with a target price adjusted from HKD 12.4 to HKD 9.71. The company's Hangzhou Hang Lung Plaza is expected to be completed in stages starting from the end of this year, which should promote growth in mid-term rental income. The report states that for long-term investors betting on the Chinese retail market, Hang Lung H-share is currently a good entry point, as the company's valuation is low and should provide support for the stock price. Although China's leasing business still faces challenges, the current price already reflects concerns about the retail market's challenges.
OCBC Bank: Maintains "Buy" rating for Hang Lung Properties (00101), target price lowered to HKD 9.71.
Hang Lung Square in Hangzhou is expected to be completed in stages starting later this year, which should boost Hang Lung Properties (00101) mid-term rental income growth.
UBS Group: Hang Lung Properties' target price was cut in half to HKD 7, and the rating was downgraded to "neutral".
UBS Group released a research report stating that it downgraded Hang Lung Properties (00101) from a "buy" rating to a "neutral" rating due to concerns about weak local sales of luxury goods, intensifying competition among luxury malls, and the risk of stock price adjustments. The target price was lowered by 50% from HK$14 to HK$7. The bank expects the company's full-year profit in 2021 to drop by 8% year-on-year, with a dividend per share dropping by 23% to HK$0.6, but believes that the market has largely absorbed these factors, as the stock price has corrected by 33% from the beginning of the year. The bank also lowered its profit forecast for 2024 to 2026 by 8% to 25% each, reflecting a high-interest environment and sluggish rental income in the mainland-Hong Kong markets.
UBS Group: Hang Lung Properties (00101) target price cut in half to HKD 7, rating downgraded to 'neutral'.
UBS Group expects Hang Lung Properties (00101) to see an 8% year-on-year drop in full-year profit, with dividend per share down 23% to 0.6 yuan.
Sinolink Securities: Third Plenary Session of the 18th CPC Central Committee first proposed real estate. Second-hand housing prices in Beijing and Shanghai increased month-on-month.
The communique of the Third Plenary Session on the policy front first proposes to prevent and resolve real estate risks and point out the direction of future real estate development. It is expected that the previous policy of destocking will accelerate its implementation, restrictive policies will continue to be relaxed, and the new model of "indemnificatory apartments + commodity apartments" will accelerate its construction, speeding up the process of market stabilization.
Hong Kong property stocks are doing well. Wharf REIC (01997) rose 2.4%. The sector is short-term strong, but facing fundamental challenges.
Hong Kong property stocks rose in early trading, with Wharf Reic (01997) up 2.4%, Henderson Land (00012) up 2.45%, SHK PPT (00016) up 1.63%, New World Dev (00017), Hang Lung PPT (00101), Sino Land (00083) and others followed suit. The Tourism Board announced that the preliminary number of visitors to Hong Kong in June was 3.13 million, an increase of 14% from the same period last year. Cumulatively, there were about 21 million visitors to Hong Kong in the first half of this year, an increase of 64% compared to last year, with an average daily passenger volume of 0.116 million.
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