The analyst rating from CLSA is based on the recovery in Hong Kong home prices and the positive market sentiment, which has led to an increase in developers' stock prices year-to-date. The report anticipates that the uptrend in home prices will continue, albeit at a moderate pace due to diminishing expectations for interest rate cuts and stable mortgage rates. Despite the optimistic outlook, CLSA warns that historically, when home price growth slows or market sentiment peaks, property stock prices may experience a pullback. Consequently, CLSA maintains a forecast for a 5% growth in Hong Kong home prices by 2026 and has identified HYSAN DEV and LINK REIT as top stock picks, both rated as Outperform.