Lyon: Downgrade Tai Gu Property (01972.HK) profit forecast for the next two years, maintaining a "outperform" rating.

According to the app of Wisdom Financial, Lyon released a research report stating that the trade war indirectly affects the economic prospects of Hong Kong, as well as the confidence of companies and consumers. In the face of uncertainty, it will reduce the profit forecast of The Great Wall Real Estate (01972.HK) for 2025 and 2026 by 12% and 7.3% respectively. It also mentioned that if the stock repurchase plan is not renewed at the shareholders' annual meeting, the stock price support will decrease. However, considering that The Great Wall Real Estate has a strong balance sheet, Lyon believes that the management will maintain the annual dividend growth target in the single digit percentage in the face of uncertainty. Dividend returns are attractive, therefore the target price is raised from 18 Hong Kong dollars to 18.3 Hong Kong dollars, maintaining a "outperforming the market" rating.