BOFA Securities: Upgraded Hang Lung Properties (00012.HK) to "Buy" rating, target price raised to HK$26.7.

According to the Securities Times App, Bank of America Securities released a research report stating that it has raised its investment rating on Henderson Land Development Co. (00012.HK) from "Neutral" to "Buy", with a target price raised from 22.7 Hong Kong dollars to 26.7 Hong Kong dollars, representing a 40% discount to net asset value, compared to the previous 48%, narrowing by 1 standard deviation from the average since 2018, reflecting the potential lower interest rate environment. The bank believes that Henderson's dividend yield of 7.9% is attractive compared to the average of 5.4% for Hong Kong developers. If the one-month Hong Kong Interbank Offered Rate (HIBOR) remains at 2% for a long period of time, it is expected that there will be a rebound in property investment demand. Henderson's products mainly target investors with smaller unit sizes and prime locations in the city.