汇丰：恒隆集团（101.HK）-港股公司研究：复苏曙光初现 维持买入-250731（英文版）（14页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ HSBC 1

2、2th Annual China Conference|1-2 September 2025Find outmore 1H25 results were weak,as expected;tenant sales saw continuous improvement and could resume growth in 2H New project completion should enhance recurring income resilience,supporting the dividend payment Maintain Buy with a higher TP of HKD9.

3、20(from HKD8.80)On a better footing.HLP reported 1H25 results,with a 9%y/y decline in underlying profit to HKD1.6bn,while interim DPS remain unchanged at HKD0.12.It is encouraging to see a narrowing decline in HLPs rental performance in both its mainland China(-2%y/y)and Hong Kong(-4%y/y)portfolios

4、in 1H25,compared to declines of 3%and 10%in 2H24.Tenant sales in its mainland China malls continue to recover,with the decline narrowing to 1%y/y in 2Q25(Fig 2),and management sees a high chance of resuming growth in 2H.Together with the upcoming completion of Westlake 66 and an extension of Plaza 6

5、6,these should enhance HLPs recurrent income resilience in 2026e,supporting its dividend.We maintain our Buy rating on valuation,which offers an attractive 6.5%FY26e yield.Mainland China Shanghai malls driving the rental resilience.Seven of its ten key malls contributed higher rental income in 1H on

6、 a y/y basis.Key positives came from the resumption of tenant sales growth at Grand Gateway 66 and rental resilience of Plaza 66 in Shanghai(c.59%of mall income).However,some malls like Heartland 66 in Wuhan and Forum 66 in Shenyang remain a challenging proposition,displaying over a 30%y/y decline i