JP Morgan: Reiterates HANG LUNG PPT (00101) as one of the top stock picks for low-risk growth opportunities.
Mainland China tenants' sales have continued to improve, and it is expected that sales in the fourth quarter will continue the momentum of a 10% year-on-year growth seen in the third quarter.
JPMorgan released a research report stating that although HANG LUNG PPT (00101) may prioritize reducing debt in the next 1 to 2 years, it can still explore growth opportunities in a relatively low-risk manner. They reiterated that HANG LUNG PPT is one of the preferred stocks, citing continuous improvement in tenant sales in mainland China, with sales in the fourth quarter expected to continue the momentum of a 10% year-on-year growth seen in the third quarter.
HANG LUNG PPT recently announced that they have obtained the operating rights of a commercial project in the center of Wuxi through a long-term lease, marking the fourth expansion under the company's growth strategy blueprint "Hang Lung V.3". JP Morgan stated that based on the latest rental levels of Hang Lung Plaza 66 shopping center, this expansion plan is expected to generate an annual rental income of approximately 200 million RMB. Assuming the company holds a 60% stake in this operating lease, with a profit margin of 30%, JP Morgan roughly estimates that this expansion project will contribute approximately 1% to the annual earnings.
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