Lyon: Jefferies lowered the target price of Shen Heng Holdings (00014.HK) to HKD 20, as Li Yuan benefits from the resurgence of demand driven by luxury goods.

According to the Zhituo Finance APP, Citi has released a research report stating that Hysan Development (00014.HK) will see stable performance in the first half of 2026, with resilient recurring profits, an unchanged per-share dividend, and retail performance continually surpassing that of its peers. Supported by an improved retail atmosphere, upgrades among luxury tenants, and an increase in foot traffic, the performance of Lee Gardens continues to outshine the broader Hong Kong retail market, benefiting from the resurgence in demand driven by luxury goods. Tenant sales have now recovered to pre-pandemic levels, supporting positive rent renewal adjustments. The capital recovery progress aids in deleveraging and alleviating capital expenditure pressures. The bank has lowered its earnings forecast for Hysan for the fiscal years 2026 to 2028 by 3% to 14%. To reflect the expanded net asset value discount in a more restrictive U.S. interest rate environment, the target price has been reduced from HK$25 to HK$20, maintaining an "Outperform" rating.