＜Research＞CLSA Downgrades HANG LUNG PPT (00101.HK) to Hold, Chops TP to $5.5

　　HANG LUNG PPT (00101.HK) +0.060 (+1.064%) Short selling $70.16M; Ratio 19.045% cut its interim dividend by 33%, which is unexpected and disappointing the market, CLSA released a research report saying. Management explained that the move was made to prioritize debt reduction amid a challenging environment in both mainland China and Hong Kong.

　　However, CLSA believed that this is contrary to the Company's approach over the past decade, and that the Group's management philosophy has changed under the new leadership.

　　Related NewsJPM Cuts HANG LUNG PPT (00101.HK) TP to $5.3, Expects Shr Price to Likely Dwell at Bottom

　　CLSA lowered its 2024-2026 earnings forecasts for HANG LUNG PPT by 17.8%/ 23.5%/ 20.8% to reflect the assumptions of slower sales of luxury and serviced apartments in China, and chopped its target price to $5.5 from $11.6.

　　CLSA also downgraded HANG LUNG PPT to Hold from Outperform due to the unattractive risk/ reward compared to its peers.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-30 16:25.)

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