The Zhitong Finance App learned that Bank of America Securities released a research report stating that it maintains Hang Lung Properties (00101)'s “buy” rating, with a target price of HK$8.2. According to the bank, Hang Lung Properties' sales for mainland tenants increased by 3% year-on-year in the third quarter of this year, down from 9% in the second quarter and 24% in the first quarter.

The bank estimates that the sales trend during the National Day Golden Week may weaken further to a slight year-on-year decline, mainly due to weak sales of luxury goods and being dragged down by a high base, but the related weakness should have been reflected in market forecasts. The bank mentioned that although Hang Lung Properties' luxury retail sales are under pressure, the company is building a luxury retail ecosystem at Hang Lung Plaza in Shanghai to extend the length of time customers stay in the mall. The bank believes that Hang Lung Properties' valuation is attractive.

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