CICC said that Hang Lung Properties' revenue fell 0.3% year-on-year to HK$10.32 billion last year, mainly affected by exchange rate fluctuations and unconfirmed real estate sales revenue. Net profit fell 1.5% year-on-year to HK$4.14 billion, in line with market expectations. The final dividend is HK$0.6. You can choose to pay dividends in shares. The annual dividend is HK$0.78, which is flat from year to year, which means a dividend rate of 8.6%. According to CICC, Hang Lung Properties' mainland rental income has rebounded steadily, and the retail business supports a stable or slight increase in rents in Hong Kong. Property leasing is progressing steadily, and is complemented by property development and sales. Hang Lung Properties' main focus is maintaining a sound financial position and leaving room to actively adjust leverage ratios.

In view of the uncertainty of luxury retail sales and the new property market, the bank lowered Hang Lung Properties' profit forecasts for this year and next two years by 7% and 10%, to HK$4.3 billion and HK$4.6 billion, respectively. The target price was lowered 7% to HK$12.24, which is equivalent to 12.9 times the projected price-earnings ratio for this year, maintaining a “outperforming the market” rating. The current price is trading at 9.5 times the projected price-earnings ratio for this year, which means the dividend rate is 8.6%.