Glonghui, Feb. 27 | Bank of America Securities released a report saying that Hysan Development's performance last year was slightly lower than expected. The dividend payout was reduced to HK$1.08 per share, equivalent to a dividend ratio of 61%. The management reiterated that future dividend payments would increase steadily. The bank believes profits have bottomed out and is expected to increase retail revenue by 6% this year, offsetting the decline in office rents. According to the report, its stock price is equivalent to a 74% net asset value (NAV) discount per share and a dividend rate of 8.2%, which is an attractive level. The target price was lowered from HK$17.2 to HK$16.5, reflecting a reduction in the NAV forecast per share and a 4% to 7% reduction in the earnings forecast for the current year and next two years, as the recording of the Lam Hoi Shan Shing project in Tai Po was slower than expected.