[ET Net News Agency, 31 July 2020] 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%. (KL)