[ET Net News Agency, 31 July 2020] Citi Research lifted its target price for Hang Lung
Properties (HLP)(00101) to HK$23.35 from HK$22.5 and maintained its "buy" rating.
The research house believes HLP will be a structural growth story for 2020-2025. It said
HLP is a key beneficiary of luxury retail sales repatriating back to Mainland China. HLP
is almost the only play on China's luxury retail property segment, and as such may deserve
a premium for its uniqueness.
Several new projects like Kunming, Wuhan, and Grand Gateway renovations contribute
additional growth and HLP's recurring profits should grow at high single-digit or more on
FY2021, driving continuous DPS increase. (KL)