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<Research>CICC Raises CHINA RES LAND's TP to HKD37; Rating Kept Outperform
Recommend 6 Positive 5 Negative 2 |
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CHINA RES LAND (01109.HK) delivered in-line results for 1H25, with its revenue increasing by 19.9% YoY, GPM rising by 1.8 ppts to 24%, and net profit declining by 6.6%, according to a CICC research report. CHINA RES LAND's management proposed at the earnings conference a plan to issue RMB30-50 billion in REITs over the next 3-5 years, with an average annual disposal of RMB5-billion, corresponding to a rental impact of RMB600-700 million. From CICC's perspective, the group is likely to enhance the balance sheet profits during the subsequent fundraising implementation, while strengthening cash flow and balance sheet resilience and improving asset turnover efficiency. CICC kept an Outperform rating on CHINA RES LAND and raised its target price by 13% to HKD37. AAStocks Financial News |
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