JP Morgan: Maintains HANG LUNG PPT (00101) as top pick with a target price of HK$10.

J.P. Morgan Chase released a research report stating that the target price for HANG LUNG PPT (00101) is 10 Hong Kong dollars with a "buy" rating. The group recently announced the successful acquisition of long-term operating leases for the expansion projects at 1038 Nanjing West Road in Shanghai and Wuxi Henglong Plaza. Management stated that the forecasted Internal Rate of Return (IRR) for each new light asset project is in the double digits, with a payback period within ten years. The recent addition of 3 light asset leases has added a total of 185,000 square meters to the group's property portfolio. The bank pointed out that HANG LUNG PPT remains one of its top stock picks due to the continuous improvement in tenant sales in mainland China. It is also expected that the light asset operating leases will start contributing to earnings in the 2028/29 fiscal year, bringing additional growth momentum. Additionally, the stock valuation is attractive, with a dividend yield of 5.8% and high dividend certainty.