JPMorgan has released a research report upgrading its full-year tenant sales growth forecast for Hang Lung PPT (00101) to a range of 10% to 15%, compared to the previous estimate of 5% to 10% year-on-year growth. The firm maintains an "Overweight" rating on the stock with a target price of HK$12. The report noted that Hang Lung PPT's share price has retreated approximately 10% from recent highs, observing that southbound investors have been reducing their holdings, while interest from offshore investors has increased. JPMorgan suggests accumulating shares at lower levels, citing an attractive current valuation equivalent to a 67% discount to forecast net asset value per share and a 5.6% yield. The firm reiterated Hang Lung PPT as one of its preferred stock picks, with potential upside estimated at around 30%. Following recent feedback from local experts, luxury brands, and other property owners, JPMorgan estimates that Hang Lung PPT's tenant sales in Mainland China for the first two months of 2026 could see further improvement. Growth may accelerate from the 18% year-on-year increase in the fourth quarter of last year to over 20% year-on-year growth in the first two months of this year. This is expected to be driven by mid-to-high single-digit growth in the luxury fashion sector and a potential 50% to 100% surge in the gold and jewelry category.