Glonghui, May 30 丨 Jefferies Research reports that Hong Kong's cyclical recovery and relatively defensive valuations have boosted investors' interest in leased stocks. The current short-term headwinds, and the recent pullback in the retail industry has also provided more opportunities to enter the market. The bank raised the group's rating from “hold” to “buy”, considering that Hang Lung Properties' (0101.HK) valuation and first-half results may be stable on a low basis. Meanwhile, after the rebound of Taikoo Properties (1972.HK), the bank downgraded its rating from “buy” to “hold”, believing that when the group's competition for new office buildings is fierce, the catalyst that can constitute a revaluation is limited. The bank favors leasing stocks that operate retail businesses, followed by residential and office buildings.