CLSA has released a research report forecasting a 28.3% year-on-year increase in HYSAN DEV's (00014) underlying profit for 2025, primarily driven by its capital recycling strategy. Rental income is expected to grow by 1.6% compared to the previous year. The firm has raised its target price for HYSAN DEV from HK$21.4 to HK$25 and reaffirmed its "Outperform" rating. It continues to list the stock as one of its preferred picks. Additionally, CLSA has increased its earnings forecasts for the company for the current and next fiscal years by 16.5% and 12.3%, respectively.

Since the second quarter of 2025, the group's shopping malls have recorded over 10% growth in both foot traffic and tenant sales, a trend that has persisted into the first two months of this year. With flagship stores of luxury brands now fully reopened and the Lee Garden Eight project scheduled for completion in the third quarter of this year, CLSA anticipates that HYSAN DEV's tenant sales will continue to outperform the market in the coming years. The company is also expected to increase its dividend payout in 2027.