According to a research report published by Citibank, Hysan Development's retail revenue and core rent in the first half of the year were 15% and 22% higher, respectively, than in the first half of 2023. However, the bank believes that the upward space driven by asset enhancement projects has been reflected through flagship expansion and tenant upgrades from 2024 to 2025. The gap between the 17% increase in tenant sales and the 1% increase in retail rent in the first half of the year also reflects that the upward margin for profit is weakening. The capital cycle plan is progressing smoothly, but with a debt ratio of 49%, further deleveraging may be needed to maintain a stable dividend per share. The bank believes that favorable retail factors have been broadly reflected. Facing office challenges, Lee Garden Phase VIII's uncertain factors, and limited balance sheet flexibility, the bank downgraded the rating from “buy” to “sell” and expanded the target net asset value discount from 45% to 65%. The target price dropped sharply from HK$24.3 to HK$15.69, corresponding to a target yield of 7%.

According to a research report published by Citibank, Hysan Development's retail revenue and core rent in the first half of the year were 15% and 22% higher, respectively, than in the first half of 2023. However, the bank believes that the upward space driven by asset enhancement projects has been reflected through flagship expansion and tenant upgrades from 2024 to 2025. The gap between the 17% increase in tenant sales and the 1% increase in retail rent in the first half of the year also reflects that the upward margin for profit is weakening. The capital cycle plan is progressing smoothly, but with a debt ratio of 49%, further deleveraging may be needed to maintain a stable dividend per share. The bank believes that favorable retail factors have been broadly reflected. Facing office challenges, Lee Garden Phase VIII's uncertain factors, and limited balance sheet flexibility, the bank downgraded the rating from “buy” to “sell” and expanded the target net asset value discount from 45% to 65%. The target price dropped sharply from HK$24.3 to HK$15.69, corresponding to a target yield of 7%.