Hang Lung Properties (Hong Kong stock code 0101) is down 1.51% to HK$26.10 at midday, as profit-taking sets in following the stock’s 9.7% post-results jump Thursday. UOB KayHian says although HLP’s 1H results were decent, “we doubt that it was the reason for this rally. Rather we believe HLP was playing catch-up with its peers. Even after this bounce, HLP is still the worst performer among the Hong Kong property counters when compared with last November’s high.” The house says China contributed 48% to HLP’s gross rental income, and rental income from China will surpass that of Hong Kong next year; it adds HLP is its top choice among Hong Kong developers and advises entry level at HK$24.00. “Not only does it have a relatively sturdy recurrent income base, it is also in a better position than its peers in growing its NAV in the coming years when new malls are completed.”

JP Morgan raises Hang Lung Property’s target to HK$28.30.

Credit Suisse sets Hang Lung Property’s target at HK$21.