[ET Net News Agency, 29 January 2021] Morgan Stanley lifted its target price for Hang
Lung Properties (HLP) (00101) to HK$24.5 from HK$22.5 and maintained its "overweight"
rating.
The research house said total retail sales in HLP's China malls increased 43% in 2020
compared to only 14% for China Resources Land (01109). The company expects growth to
continue at double-digits CAGR even after the border reopens.
Morgan expects HLP's China rental EBIT to increase consistently at 18% p.a in 2020-23,
supported by inorganic growth from recently opened (August 2019) Kunming Spring City and
Heartland (expected in March 2021) in Wuhan. RMB appreciation will also benefit earnings.
Morgan also expects the first dividend increase to come as soon as 2021 as HK rental
decline stabilizes while earnings from China continue to grow. It raised its 2021-22 EPS
forecasts by 9% and 13%, respectively. (KL)
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00101 HANG LUNG PPT
Nominal 
8.370 -0.030 (-0.357%) Research Report
29/01/2021 16:55
{I-bank focus}Morgan lifts Hang Lung Properties to HK$24.5
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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