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RTNominal down20.050 -0.200 (-0.988%)

02/07/2020 15:36

{I-bank focus}HSBC cuts Hang Lung Properties to HK$21.7

[ET Net News Agency, 2 July 2020] HSBC Global Research lowered its target price for
Hang Lung Properties (HLP)(00101) to HK$21.7 from HK$22.8 and maintained its "buy" rating.
The research house said HLP's rental performance in Hong Kong and mainland China will be
affected by COVID-19 in the near term, but HSBC believes HLP will benefit from a new trend
- rising luxury retail sales in mainland China. This could partly offset the weakness in
HLP's Hong Kong investment property portfolio.
It noted that HLP's high-end commercial projects in both Shanghai and Wuxi are showing a
solid recovery over the past three months. Other shopping malls in mainland China are also
recovering well.
HSBC said HLP's dividend hike in 2H 2019 (announced in January 2020) was a positive
signal reflecting management's confidence over the future outlook of the company. It
believes HLP is on the path of a dividend growth cycle, alongside its growing rental
income. (KL)

Remark: Real time quote last updated: 27/11/2020 17:59
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