HYSAN Development derives most of its profits from commercial rental income and luxury residential property in Hong Kong. This time last year brokerage Sun Hung Kai Securities placed a buy recommendation on the stock, saying the company's rental income was expected to grow by about 15 per cent, despite the softening rental market. This proved excellent advice as the addition of new properties such as Lee Theatre saw earnings increase. Twelve months ago, Hysan shares traded at $17.20. They are now worth $23.40, having out-performed the Hang Seng Index by 16.04 per cent.