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<Research>Citi Raises TP of CHINA RES LAND (01109.HK) to HKD35.8, Maintains Buy Rating
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CHINA RES LAND (01109.HK) has, for the first time, seen its recurring business profit surpass property development, accounting for 52% of last year's core profit, Citi said in a research report. The management guided for recurring business profit to account for 60-65% of core profit by 2030, with the shopping center profit target set for double-digit growth and a gross margin of over 70%. Citi noted that CHINA RES LAND is positioned as a "a world-class urban investor, developer and operator" in the "15th Five-Year Plan", focusing on five key indicators: superior profitability, financial prudence, advanced business model, leading market value, and strong brand strength. The company identified property development, investment properties, and asset management fee businesses as its three growth engines. The broker updated its core earnings forecast for CHINA RES LAND for 2026-27, raising the target price from HKD35 to HKD35.8, while maintaining a Buy rating. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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