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00101
HANG LUNG PPT
HKD
9.3300.160
(1.74%)
1D
High
9.350
Open
9.200
VWAP
9.29
Vol
18.64M
Mkt Cap
45.71B
Low
9.110
Amount
173.13M
EV/EBITDA(TTM)
18.03
Total Shares
5.06B
EV
105.28B
EV/OCF(TTM)
31.35
P/S(TTM)
4.41
Hang Lung Properties Ltd is an investment holding company principally engaged in the property leasing business. The Company operates its business through two segments. The Property Leasing segment is engaged in the leasing of portfolio of properties carrying the '66' brand in Mainland China, including Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan, and Hangzhou. It is also engaged in the development and sales of properties in Hong Kong, the property portfolio includes commercial properties, offices and residential and serviced apartments, among others. The Property sales segment engages in the sale of properties in Hong Kong, including units at The Long Beach, semi-detached houses at 23-39 Blue Pool Road.
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News
6.0
01-12aastocksCiti's Projections for Ratings, Target Prices, and Valuations of HK Real Estate Stocks (Table)
Stock Performance: Various Hong Kong stocks showed mixed performance, with some companies like Henderson Land and Hysan Development experiencing gains, while others like Wharf REIC and Champion REIT saw declines.
Short Selling Data: Significant short selling activity was noted across multiple stocks, with SHK PPT and Wharf Holdings having the highest short selling ratios, indicating bearish sentiment among investors.
Investment Ratings: Analysts provided investment ratings, recommending buys for several stocks including Hysan Development and Sino Land, while suggesting sells for Wharf Holdings and New World Development.
Discount to NAV: Many stocks are trading at substantial discounts to their net asset values (NAV), with Kerry Properties and Hang Lung Properties showing the largest discounts at 74% and 68%, respectively.
4.5
01-06aastocksHSI Rises by 363 Points; Gains in AI, Smart Driving, Financial, and Metal Stocks
US and China Stock Market Performance: The DJIA in the US reached a record high, while the Shanghai Composite Index in China hit a ten-year high, with the Hong Kong bourse also experiencing significant gains.
Tech Stocks Movement: Major tech stocks like TENCENT, JD-SW, and BIDU-SW saw increases of 1.3-1.7%, while BABA-W dipped by 1.3%. Other tech companies related to autonomous driving surged after Nvidia's platform release.
Financial Sector Gains: Overseas bank stocks, including HSBC and Standard Chartered, rose by 3.1% and 1.9%, respectively, while Chinese insurers and brokers also posted substantial gains.
Commodity and Resource Stocks Surge: Gold miners and resource stocks experienced significant increases, with ZHAOJIN MINING and JIANGXI COPPER rising by 7.3% and 5.5%, respectively, amid elevated commodity prices.
4.0
01-06aastocks<M Stanley Analysis: Ratings and Target Prices for Hong Kong Developers (Table)>
LINK REIT Performance: LINK REIT shares fell by 0.87%, with a short selling ratio of 13.779% and a downgrade in rating from Overweight to Equalweight, with target price reduced from HK$48 to HK$37.
HANG LUNG PPT Update: HANG LUNG PPT shares increased by 2.894%, maintaining an Overweight rating with a slight target price increase from HK$10.5 to HK$10.7.
SWIRE PROPERTIES Rating Change: SWIRE PROPERTIES shares rose by 0.959%, with a rating upgrade from Equalweight to Overweight and a target price increase from HK$20 to HK$23.
WHARF REIC Decline: WHARF REIC shares decreased by 0.904%, maintaining an Underweight rating with a target price adjustment from HK$22.5 to HK$23.
6.5
01-06aastocksM Stanley Forecasts 3% Drop in Office Rental Rates This Year, Favors Office Sector Over Retail for Homebuilders
Hong Kong Office Market Trends: Morgan Stanley reports a preference for office spaces over retail, with improving vacancy rates in Central District, which is expected to see a 3% rental rate increase by 2026.
Investment Recommendations: The report favors Hongkong Land and HYSAN DEV for office investments, while advising against WHARF REIC due to market share and tenant retention risks.
Retail Sector Insights: In retail, Chinese luxury brands are preferred over Hong Kong retailers, with HANG LUNG PPT being highlighted as a better investment option.
Market Activity: Notable short selling activity was observed in various stocks, with significant ratios for WHARF REIC and LINK REIT, indicating investor caution in the current market environment.
6.5
01-06aastocksM Stanley Predicts Increase in HK Home Prices, Central Office Rents, and Retail Sales This Year, Favors Residential Property Market
Morgan Stanley's Upgrade: Morgan Stanley has upgraded its outlook on the Hong Kong real estate sector to "Attractive," predicting positive year-on-year growth in local residential property prices, Central office rents, and local retail sales for the first time since 2018.
Sector Optimism: The firm is particularly optimistic about the residential property market, followed by office spaces and retail, and recommends increasing holdings in specific stocks including SHK PPT, Henderson Land, CK Asset, Hang Lung PPT, and Swire Properties, with set target prices for each.
Money Flow
Over the past 66 trading days, overall net money flow is -31.70M, with retail investors contributing 618.36K and major investors adding -28.17M.
Net Buy $ Volume
Net Sell $ Volume
CICC
CICC
Outperform
maintain
$9.46
2025-12-11
Reason
The analyst rating for HANG LUNG PPT (00101.HK) is an "Outperform" based on several key factors highlighted in the article. The partnership with Wuxi Liangxi Urban Development Company to acquire operating rights for a significant commercial project is seen as a strategic move that aligns with the company's Hang Lung V.3 strategy, which emphasizes high capital efficiency and selective reinvestment in existing projects. Additionally, CICC expects the retail sales performance of HANG LUNG PPT's malls in China to maintain positive momentum, projecting a 10% year-over-year growth in retail sales for 3Q25. These factors contribute to the positive outlook and the target price of HKD9.46 set by CICC.
CICC
Outperform
Price Target
$9.46
2025-12-11
maintain
The analyst rating for HANG LUNG PPT (00101.HK) is an "Outperform" based on several key factors highlighted in the article. The partnership with Wuxi Liangxi Urban Development Company to acquire operating rights for a significant commercial project is seen as a strategic move that aligns with the company's Hang Lung V.3 strategy, which emphasizes high capital efficiency and selective reinvestment in existing projects. Additionally, CICC expects the retail sales performance of HANG LUNG PPT's malls in China to maintain positive momentum, projecting a 10% year-over-year growth in retail sales for 3Q25. These factors contribute to the positive outlook and the target price of HKD9.46 set by CICC.
JPMorgan
JPMorgan
maintain
$10
2025-12-11
Reason
The analyst rating for HANG LUNG PPT (00101.HK) is based on several key factors highlighted in the article. JPMorgan reaffirmed the stock as one of its top picks due to the continuous improvement in tenant sales in mainland China, with expectations of a 10% year-over-year growth in sales for the fourth quarter of 2025, following similar growth in the third quarter. Additionally, the company's recent acquisition of operational rights for a commercial project in Wuxi aligns with its HLP V.3 growth strategy, indicating a proactive approach to expansion. Despite a focus on debt reduction in the near term, JPMorgan believes the company can still identify growth drivers in a lower-risk manner. Consequently, they rated HANG LUNG PPT as Overweight, with a target price of $10 for June 2026.
JPMorgan
Price Target
$10
2025-12-11
maintain
The analyst rating for HANG LUNG PPT (00101.HK) is based on several key factors highlighted in the article. JPMorgan reaffirmed the stock as one of its top picks due to the continuous improvement in tenant sales in mainland China, with expectations of a 10% year-over-year growth in sales for the fourth quarter of 2025, following similar growth in the third quarter. Additionally, the company's recent acquisition of operational rights for a commercial project in Wuxi aligns with its HLP V.3 growth strategy, indicating a proactive approach to expansion. Despite a focus on debt reduction in the near term, JPMorgan believes the company can still identify growth drivers in a lower-risk manner. Consequently, they rated HANG LUNG PPT as Overweight, with a target price of $10 for June 2026.
UBS
UBS
Neutral -> Buy
upgrade
2025-10-17
Reason
The analyst rating from the article is primarily driven by signs of recovery in luxury and jewelry sales in Mainland China and Hong Kong, attributed to the wealth effect from the stock market and higher gold prices. UBS upgraded CHINA RES MIXC from Neutral to Buy due to its higher proportion of emerging brands and the positive outlook for luxury retail in Hong Kong, which is benefiting from a strong equity market. Additionally, UBS expressed optimism about other stocks in China's retail sector, indicating a favorable market environment for these companies. The upgrade of LAOPU GOLD to Buy was based on anticipated valuation pressure and potential product price hikes that could support short-term sales and gross margins.
UBS
Neutral -> Buy
Price Target
2025-10-17
upgrade
The analyst rating from the article is primarily driven by signs of recovery in luxury and jewelry sales in Mainland China and Hong Kong, attributed to the wealth effect from the stock market and higher gold prices. UBS upgraded CHINA RES MIXC from Neutral to Buy due to its higher proportion of emerging brands and the positive outlook for luxury retail in Hong Kong, which is benefiting from a strong equity market. Additionally, UBS expressed optimism about other stocks in China's retail sector, indicating a favorable market environment for these companies. The upgrade of LAOPU GOLD to Buy was based on anticipated valuation pressure and potential product price hikes that could support short-term sales and gross margins.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$9
2025-10-16
Reason
Morgan Stanley's analyst rating for HANG LUNG PPT (00101.HK) was maintained at Overweight due to improved fundamentals and a narrower net asset value (NAV) discount, which decreased from 60% to 50%. The report highlighted a positive trend in the Group's retail business in mainland China, specifically noting a significant increase in tenant sales at Shanghai's Grand Gateway 66 and Plaza 66 in 3Q25 compared to the previous half of the year. This improvement in sales performance, along with key developments such as the opening of new stores, contributed to the positive outlook and the upward adjustment of the target price from $9 to $10.5.
Morgan Stanley
Overweight
Price Target
$9
2025-10-16
maintain
Morgan Stanley's analyst rating for HANG LUNG PPT (00101.HK) was maintained at Overweight due to improved fundamentals and a narrower net asset value (NAV) discount, which decreased from 60% to 50%. The report highlighted a positive trend in the Group's retail business in mainland China, specifically noting a significant increase in tenant sales at Shanghai's Grand Gateway 66 and Plaza 66 in 3Q25 compared to the previous half of the year. This improvement in sales performance, along with key developments such as the opening of new stores, contributed to the positive outlook and the upward adjustment of the target price from $9 to $10.5.
JPM
NULL -> Buy
maintain
2025-10-13
Reason
The analyst rating for HANG LUNG PPT (00101.HK) is maintained as "Buy" due to several positive indicators. The report highlights that the company's Plaza 66 and Grand Gateway 66 in Shanghai exceeded expectations, with overall tenant sales of its Chinese shopping malls growing by 10% year-over-year in 3Q25. Additionally, in the first four days of October, tenant sales rose by 15% year-over-year, and footfall increased by 3%. For the Hong Kong investment portfolio, tenant sales also saw a 2% year-over-year increase in July-August 2025. As a result, JPM has lifted its earnings forecasts for 2025-2027 by 0.8-1.2% to reflect expected rental increases and raised the target price from $9.2 to $10.3.
JPM
NULL -> Buy
Price Target
2025-10-13
maintain
The analyst rating for HANG LUNG PPT (00101.HK) is maintained as "Buy" due to several positive indicators. The report highlights that the company's Plaza 66 and Grand Gateway 66 in Shanghai exceeded expectations, with overall tenant sales of its Chinese shopping malls growing by 10% year-over-year in 3Q25. Additionally, in the first four days of October, tenant sales rose by 15% year-over-year, and footfall increased by 3%. For the Hong Kong investment portfolio, tenant sales also saw a 2% year-over-year increase in July-August 2025. As a result, JPM has lifted its earnings forecasts for 2025-2027 by 0.8-1.2% to reflect expected rental increases and raised the target price from $9.2 to $10.3.
UBS
NULL
to
Buy
maintain
$9.6
2025-10-10
Reason
The analyst rating for HANG LUNG PPT (00101.HK) was reiterated as a Buy by UBS due to the company's 3Q25 tenant sales in China growing by 10% year-over-year, reversing previous declines in the first half of the year. Notably, sales at key locations, Plaza 66 and Grand Gateway 66, showed significant improvements. Despite overall tenant sales being 10% lower compared to 2023, the positive trend in sales and the recovery from earlier declines led UBS to expect a favorable reaction in the stock price, justifying the Buy rating with a target price of HKD9.6.
UBS
NULL
to
Buy
Price Target
$9.6
2025-10-10
maintain
The analyst rating for HANG LUNG PPT (00101.HK) was reiterated as a Buy by UBS due to the company's 3Q25 tenant sales in China growing by 10% year-over-year, reversing previous declines in the first half of the year. Notably, sales at key locations, Plaza 66 and Grand Gateway 66, showed significant improvements. Despite overall tenant sales being 10% lower compared to 2023, the positive trend in sales and the recovery from earlier declines led UBS to expect a favorable reaction in the stock price, justifying the Buy rating with a target price of HKD9.6.
Morgan Stanley
Morgan Stanley
Equalweight
maintain
$6.5
2025-07-30
Reason
HANG LUNG PPT (00101.HK)
+0.200 (+2.581%)
Short sellingxa0$22.94M;xa0Ratioxa011.857%
's 1H25 EPS dropped by 13% YoY to HKD0.33, below the market expectation of HKD0.35, according to Morgan Stanley's research report.
The company's net income fell by 9% YoY, worse than the expected 6% decline, with a 6% expansion in equity base. The interim dividend remained at HKD0.12, unchanged from the same period last year. A 12-month dividend yield of 6.7% was still attractive, though whether the final dividend could reach HKD0.4 remained questionable.
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BofAS Ratings, TPs on Developers (Table)
Should the 1H net income of HKD1.587 billion be adjusted for capitalized interest of HKD491 million, it can only support a dividend of HKD0.46, making it difficult for the company to maintain the full-year dividend at the same level.
Morgan Stanley gave HANG LUNG PPT a target price of HKD6.5 and an Equalweight rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Morgan Stanley
Equalweight
Price Target
$6.5
2025-07-30
maintain
HANG LUNG PPT (00101.HK)
+0.200 (+2.581%)
Short sellingxa0$22.94M;xa0Ratioxa011.857%
's 1H25 EPS dropped by 13% YoY to HKD0.33, below the market expectation of HKD0.35, according to Morgan Stanley's research report.
The company's net income fell by 9% YoY, worse than the expected 6% decline, with a 6% expansion in equity base. The interim dividend remained at HKD0.12, unchanged from the same period last year. A 12-month dividend yield of 6.7% was still attractive, though whether the final dividend could reach HKD0.4 remained questionable.
Related News
BofAS Ratings, TPs on Developers (Table)
Should the 1H net income of HKD1.587 billion be adjusted for capitalized interest of HKD491 million, it can only support a dividend of HKD0.46, making it difficult for the company to maintain the full-year dividend at the same level.
Morgan Stanley gave HANG LUNG PPT a target price of HKD6.5 and an Equalweight rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Citi Research
Citi
Buy
maintain
$7.05
2025-07-30
Reason
HANG LUNG PPT (00101.HK)
+0.200 (+2.581%)
Short sellingxa0$22.94M;xa0Ratioxa011.857%
's 1H25 underlying profit declined by 8.5% YoY to $1.587 billion, in line with expectation, accounting for 53% of Citi Research's estimation for the current fiscal year (56% for 1H24), according to a research report issued by Citi Research.
The drop in profit was primarily due to a decrease in rental profits, expanded losses from property development & hotel businesses and an 11% YoY increase in net finance costs due to an expanded debt scale, despite lower average financing costs.
Related News
HANG LUNG PPT 1H25 Underlying NP Down 9% YoY to $1.587B; Interim DPS 12 Cents
Interim DPS was $0.12, with the Company continuing to offer a scrip dividend option. Implied interim dividend payout ratio was 36% (32% 1H24).
Citi Research expressed interest in HANG LUNG PPT disclosing more information on dividend prospects, with market focus likely on retail sales/rental expectations in mainland China, pre-leasing progress of the Hangzhou Westlake 66 project, capital expenditure plans and fund management.
Therefore, the broker kept rating at Buy for HANG LUNG PPT, with a target price of $7.05.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Related News
G Sachs Lifts TPs for Developers, Expects 5%/ 2% Growth in Property Prices/ Retail Rents Next Yr
Citi Research
Buy
Price Target
$7.05
2025-07-30
maintain
HANG LUNG PPT (00101.HK)
+0.200 (+2.581%)
Short sellingxa0$22.94M;xa0Ratioxa011.857%
's 1H25 underlying profit declined by 8.5% YoY to $1.587 billion, in line with expectation, accounting for 53% of Citi Research's estimation for the current fiscal year (56% for 1H24), according to a research report issued by Citi Research.
The drop in profit was primarily due to a decrease in rental profits, expanded losses from property development & hotel businesses and an 11% YoY increase in net finance costs due to an expanded debt scale, despite lower average financing costs.
Related News
HANG LUNG PPT 1H25 Underlying NP Down 9% YoY to $1.587B; Interim DPS 12 Cents
Interim DPS was $0.12, with the Company continuing to offer a scrip dividend option. Implied interim dividend payout ratio was 36% (32% 1H24).
Citi Research expressed interest in HANG LUNG PPT disclosing more information on dividend prospects, with market focus likely on retail sales/rental expectations in mainland China, pre-leasing progress of the Hangzhou Westlake 66 project, capital expenditure plans and fund management.
Therefore, the broker kept rating at Buy for HANG LUNG PPT, with a target price of $7.05.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-30 16:25.)
Related News
G Sachs Lifts TPs for Developers, Expects 5%/ 2% Growth in Property Prices/ Retail Rents Next Yr
Valuation Metrics
Forward PE
5Y Average PE
12.45
Current PE
13.38
Overvalued PE
15.73
Undervalued PE
9.17
Forward EV/EBITDA
5Y Average EV/EBITDA
15.34
Current EV/EBITDA
16.87
Overvalued EV/EBITDA
17.24
Undervalued EV/EBITDA
13.43
Forward PS
5Y Average PS
4.78
Current PS
4.14
Overvalued PS
6.69
Undervalued PS
2.86
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