Jinwu Financial News | Hang Lung Properties (00101)'s stock price was under pressure, falling as low as nearly 5%. As of press release, it was still down 3.5% to HK$7.99, with a turnover of HK$123 million.
Bank of America Securities said it predicts that Hang Lung Properties' mainland sales will record a double-digit decline in the first quarter. Among them, sales in luxury shopping malls in Shanghai dropped significantly, while the performance of sub-luxury shopping malls was relatively strong. The bank believes that shopping mall sales growth remained negative until mid-May. Affected by last year's high base, the situation will only improve in the fourth quarter.
The bank lowered Hang Lung Properties' earnings forecast for Hang Lung Properties by 2% to 4% per share from this year to 2026, reflecting a lower rental revenue assumption. The company's target price was reduced from HK$11 to HK$9.2, and the rating was downgraded from “buy” to “neutral”.