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<Research>HSBC Research Elevates CHINA RES LAND (01109.HK) TP to $43.2, Keeps Rating at Buy
Recommend 7 Positive 22 Negative 10 |
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CHINA RES LAND (01109.HK) has risen by over 30% YTD, outperforming the average increase of about 6% among other covered Chinese developers, HSBC Global Research published a research report saying. The broker believed that the company's valuation has not fully reflected the advantages of its investment property portfolio, and deemed it as one of the few developers that can further strengthen its industry leadership and improve cash flow and dividend prospects. HSBC Global Research noted that CHINA RES LAND remains its top pick among large Chinese homebuilders, and raised its net asset value (NAV) estimation by 20%. The broker elevated its target price from $36.3 to $43.2, with rating kept at Buy, and anticipated that the Company's 1H25 earnings will be flat or slightly down YoY, with stable dividends and an inflection point for earnings in 2026. 30% of the 36 stores of LAOPU GOLD (06181.HK) are located in CHINA RES LAND's malls, indirectly benefiting from the niche gold jewelry craze, the report added. AASTOCKS Financial News Website: www.aastocks.com |
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