Glonghui, May 27 | Jefferies released a report saying that Hang Lung Properties' stock price has been adjusted by 26% since the beginning of the year, and the decline has exceeded the industry average of about 10%, mainly because the market is concerned about local retail prospects and the dilution effect of using stocks in exchange for interest. Rental income is likely to fall this fiscal year due to the recovery of cross-border travel, weak yen, and fierce market competition. High capital expenditure will cause the debt ratio to remain at a high level and interest costs will increase. The combination of factors will make the next year difficult. It also poses a risk to dividends per share. It has a “holding” rating. The target price was lowered from HK$9 to HK$8. The bank lowered its profit forecast for 2024 to 2026 by 13% to 28% to reflect local luxury consumption and interest rate prospects. The dividend forecast for the 2024 fiscal year was lowered to HK$0.6 per share, which is equivalent to a dividend rate of 7.5%.