According to the Futu Pro app, Goldman Sachs has raised its target price for Hysan Dev (00014) by 4.1%, from HK$14.6 to HK$15.2, possibly due to the company's management announcing stable dividends. The company's earnings per share for the fiscal years 2024-2026 have been downgraded by 7%-0%, with a rating of 'Neutral'. Goldman Sachs points out that the company's 9.5% return is more attractive compared to the industry's 6-8%.

According to the report, Hysan Dev declared a net profit of HK$427 million in the first half of the year, including a revaluation loss of HK$197 million, mainly from the office building portfolio and the Lam Tin residence project in Tai Po, called 'Lam Tin Mountain City' (HK$170 million). Excluding these, the basic profit remained stable year-on-year at around HK$1 billion, which is in line with its forecast for the fiscal year 2024. The company maintains a dividend per share of HK$0.27, and the management is confident in dividend stability.

The company's retail sales of tenants in Causeway Bay were on par with the overall retail market in Hong Kong, although partially offset by the impact of rent concessions from Leighton Hill. The commercial project on Karron Road is expected to be completed in the second half of 2026. The occupancy rate of its office building portfolio in Hong Kong remains stable. The residential project in Tai Po has experienced a devaluation as low stock prices are needed to clear inventory.