[ET Net News Agency, 3 January 2020] Citi Research lifted its target price for Hang
Lung Properties (HLP)(00101) to HK$21.1 from HK$16.1 and upgraded its rating to "buy" from
"sell".
The research house said HLP is giving investors a more concrete and visible structural
story. Citi said HLP is a key beneficiary of China boosting internal consumption through
import tariff cuts, especially for luxury items. HLP is almost the only play on China's
high-end retail property segment, and as such may deserve a premium for its uniqueness
In addition, Citi said China rental growth may outpace an increase in interest expense
for FY2020, driving an earlier-than-expected DPS increase. (KL)