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Central Plains Real Estate: Market Expects Fed Interest Rate Cut in September, Buyers Enter the Market on Dips Driving the Recovery of Hong Kong Property Market
After the Fed meeting on August 1, the market is expecting a rate cut in September. The atmosphere in the Hong Kong property market is positive, with buyers entering the market on dips and second-hand transactions picking up, and the sentiment of frontline brokers is stabilizing.
Earnings Miss: Hang Lung Properties Limited Missed EPS By 51% And Analysts Are Revising Their Forecasts
Bank of America Securities: Reiterates neutral rating on Hang Lung Properties with target price lowered to 6.2 HKD.
Bank of America Securities released a research report stating that it reaffirmed its 'Neutral' rating on Hang Lung Properties (00101). Its performance in the first half of this year was lower than expected, and its target price was lowered by 17% from HKD 7.5 to HKD 6.2 per share, which is equivalent to a 73% discount on its asset value per share. The company's management admits that unfavorable factors for high-end retail in mainland China will continue to be affected by outbound tourism in the third quarter, but the fourth quarter may improve. The bank stated that it lowered its earnings per share forecasts for Hang Lung Properties from 2024 to 2026 by 2% to 9%, to HKD 0.843, HKD 0.792 and HKD 0.802, respectively. It is expected that the stock price will fluctuate recently due to the uncertain prospects of rental income, but the stock is still valued highly.
The most stable Henderson's profits in the first half of the year were also halved...| Financial Report News
Hang Lung PPT cuts dividends by 33%, and the overall revenue of luxury shopping malls in mainland China fell by 4% in the first half of the year. According to Goldman Sachs, as luxury goods consumption continues to cool down, the year-on-year growth of luxury goods sales in the second half of 2024 and the whole year will continue to be negative, leading to a year-on-year decrease of 12% in rental EBIT in mainland China.
HK stock abnormal movement | Hang Lung Properties (00101) drops more than 3%, revenue increased in the first half of the year but no profit growth, mid-term dividends decreased by 33%, far below expectations.
Hang Lung Properties (00101) fell more than 3%. As of press time, it fell 3.3% to HKD 5.56 with a turnover of HKD 0.101 billion.
Federal Reserve: Rate cut in September is almost a foregone conclusion. It is expected that the trend of "leasing to buy" in the Hong Kong property market will increase.
Bruce Bu, the executive president of the Residential Department of Meilian Property, commented that the latest interest rate decision announced by the Federal Reserve was as expected by the market, and the interest rate has remained unchanged for 8 consecutive times.
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