Morgan Stanley lifted its target price for Hang Lung Properties (HLP)(00101) to HK$22 from HK$20 and maintained its "overweight" rating.
The research house noted that Grand Gateaway (Shanghai) and Center 66 (Wuxi) saw retail sales growth of 41% and 50% in 2Q. The trend continued in July except in Dalian.
Morgan expects HLP's China rental EBIT to increase at 12% CAGR in 2019-22, driven by
a fully renovated mall at Grand Gateway, ramping up of Kunming mall and a new mall at Wuhan (opening in 1H 2021). However, the margin could remain stable due to the new mall ramping up.
Morgan revised down its HK rental EBIT by average of 6% for 2020-22 due to continued headwinds and uncertainty in the market.
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