Jefferies Financial released a report on July 15, predicting that Henderson Land (0012.HK) will see a 9% year-on-year decline in profit to about HK$5.4 billion in the first half of the year, which includes sales from Harbour East. The recommendation remains "hold", but the target price has been lowered from HK$24 to HK$23. Jefferies Financial states that although Henderson Land faces profit challenges, the factor of government land reclamation is expected to support the company's dividend payout. The bank has lowered its profit forecast for Henderson Land for the years 2024 to 2026 by 10% to 20% compared to the market forecast, reflecting risks in gross margin, weaker projects, and increased interest expenditures. Jefferies Financial is more bullish on SHK PPT (0016.HK) in the real estate sector, mainly due to its more resilient gross margin and expected improvement in profitability after the 2025 fiscal year.