UOB Kay Hian has issued a research report maintaining a "Hold" rating on SHK PPT (00016) with a target price of HK$143.8. The firm reiterated its view that SHK PPT remains the optimal choice for investors seeking exposure to opportunities in the Hong Kong property market. For the first half of fiscal year 2026, SHK PPT's underlying profit increased by 16.7% year-on-year, reaching approximately 53% of the firm's full-year forecast. This performance was primarily supported by robust growth in profit from property sales in Mainland China, alongside a decrease in total borrowing and financing costs, which helped maintain stable earnings from the investment portfolio. The interim dividend rose by 3.2% year-on-year to HK$0.98 per share, exceeding market expectations. The profit margin for the group's Hong Kong property sales declined by 7 percentage points year-on-year to 8%, while the net gearing ratio decreased by 4.4 and 3.2 percentage points year-on-year and half-on-half, respectively, to 13.5%. UOB Kay Hian anticipates a recovery in Hong Kong property sales margins starting from the second half of fiscal year 2026. The performance of the Hong Kong and Mainland China investment property portfolios is expected to remain resilient, with expansion plans in place. Management has reaffirmed its commitment to maintaining a dividend payout ratio between 40% and 50%. Considering that profit from Mainland China property sales exceeded expectations, UOB Kay Hian has raised its earnings forecast for SHK PPT for fiscal year 2026 by 5%, while maintaining its forecasts for fiscal years 2027 and 2028 unchanged.