CICC released a research report stating that Hang Lung PPT (00101) announced its performance for last year, with revenue reaching 9.95 billion yuan, a year-on-year decrease of 11.5%, primarily affected by fluctuations in property sales, while rental business revenue declined by 1% year-on-year. Underlying profit attributable to shareholders was 3.2 billion yuan, a year-on-year increase of 3.5%, slightly exceeding market expectations, mainly driven by a reduced loss in property sales and a narrowing decline in rental income. A final dividend of 40 HK cents was declared (accumulating to 52 HK cents for the full year), corresponding to a dividend yield of 5.5%, which aligns with market expectations. The firm maintained its "Outperform" rating and raised the target price by 12% to HK$11.6.

CICC pointed out that the company's retail sales in its mainland China shopping malls were broadly flat year-on-year in January this year. Looking ahead to the full year, management believes the luxury segment may see a stable, mild recovery, while non-luxury and F&B/experience-oriented formats are expected to continue their positive momentum; the company anticipates its mainland China shopping malls could achieve single-digit retail sales growth. Based on adjustments to the progress of property sales recognition and interest expenses, CICC raised its profit forecasts for the group for this year and next by 5% and 8%, to 3.2 billion yuan and 3.29 billion yuan respectively, representing year-on-year changes of flat and a 3% increase.