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<Research>CMBI Cuts CHINA RES MIXC (01209.HK) TP to $53.58, Keeps Buy Rating
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CHINA RES MIXC (01209.HK)'s FY2025 revenue grew 5.1% YoY to RMB18 billion, 2% below market consensus, but in line with CMBI's forecast, CMBI said. Revenue from the property management segment was flat YoY, mainly dented by value-added services, while revenue from the commercial management segment rose 10% YoY, slower than the 21% growth in FY2024, primarily due to a higher base for shopping mall operations. CMBI cut its target price from $53.96 to $53.58 to reflect earnings forecast adjustments. The new target price corresponds to a 2026 projected PE ratio of 25x. Considering the Company's reduced reliance on residential businesses, outstanding shopping mall operating capabilities, 100% dividend payout ratio and its appeal to both property and consumption investors under the service-oriented consumption theme, the broker kept rating at Buy, and regarded it as its top pick in the property management sector. Auto-translated by AI AASTOCKS Financial News |
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