Citi has increased its price target for SEAZEN (01030) by 6% to HK$3.20, while maintaining a "Buy" rating. The adjustment reflects a clearer balance sheet, now set at a 30% discount to net asset value, compared to 20% previously. The bank noted that SEAZEN's balance sheet has stabilized following the issuance of a US$355 million three-year bond in March 2026 and a new share offering in February 2026, which diluted equity by 2.8%. The retirement of CEO Lu Xiaoping, aged 65, has not impacted the investment outlook. Citi expects profitability to improve as impairment losses are projected to decrease in the 2026 income statement. MSCI upgraded SEAZEN's ESG rating from "BBB" to "A". The bank remains optimistic about the company, citing: i) anticipated recurring revenue of RMB14.5 billion in 2026 (up 4% year-on-year), with profits from its 178 shopping centers—five of which are new in 2026—expected to reach RMB3–4 billion; ii) a 17% year-on-year increase in tenant sales in 2025; and manageable debt of RMB55 billion relative to its intellectual property portfolio valued at RMB123 billion. The company’s transformation is showing results, with its REIT application approved by the China Securities Regulatory Commission and the Shanghai Stock Exchange on March 6, and the issuance of RMB616 million in asset-backed securities in November 2025.