JP Morgan: Reiterate that HANG LUNG PPT (00101) is one of the top stock choices, expected continued improvement in tenant sales trends.

JPMorgan released a research report stating that HANG LUNG PPT (00101) mainland tenant sales improved significantly in the third quarter, increasing by 10% year-on-year, exceeding the bank's low single-digit growth expectations and reversing the 1% decline in the previous quarter. With a dividend yield of 5.9% and the improvement in mainland tenant sales data, JP Morgan continues to rank Henderson Land Development as one of its top two property stocks, with a "overweight" rating and a target price of HK$10. Henderson Land also mentioned that its shopping malls' performance during the National Day Golden Week continued to be strong, with tenant sales increasing by 15% year-on-year in the first four days of the National Day holiday. With the introduction of new tenants such as LAOPU GOLD (06181) at Shanghai Henderson Plaza, as well as the expansion of existing tenants, JP Morgan expects the improving trend in Henderson tenant sales to continue into the fourth quarter. The bank's other top pick is SWIRE PROPERTIES (01972), which is also expected to benefit from the recovery in the Chinese retail market.