HSBC Global Research raised its target price for Hang Lung Properties (HLP)(00101) to HK$23.2 from HK$21.7 and maintained its "buy" rating.
The research house said HLP's rental income in mainland China did surprise with positive growth despite the impact of COVID-19 while its Hong Kong rental portfolio witnessed a decline in rent.
HSBC said the retail sales recovery for its mainland China shopping malls has been strong, especially its high-end segment. Its operational performance reaffirmed that HLP is benefitting from the repatriation of luxury spending. HSBC revised its earnings estimates for FY2020-22 by -2% to +1%.
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