Morgan Stanley: CHINA RES LAND (01109) outperforms expectations during Golden Week shopping, target price of 39.3 Hong Kong dollars.

Morgan Stanley released a research report stating that during the golden season, CHINA RES LAND's shopping mall CR Mixc recorded a low double-digit same-store sales growth, driving the overall mall retail sales to increase by more than 25%, with same-store sales growth in high-end malls exceeding 20%. The bank expects that the full-year rental income will exceed the management's original expectations, with a year-on-year growth of 13%; the stock remains a preferred target, with a target price of HK$39.3 and a rating of "hold". The bank believes that although part of the reason is due to the National Day and Mid-Autumn Festival holidays being close together, the group's growth is higher than its peers, mainly due to the continuous expansion of CR Mixc's market share advantage. From the beginning of the year to the present, its same-store sales have recorded low double-digit year-on-year growth, coupled with a 20% to 25% year-on-year growth in overall retail sales in the first 9 months of this year, which confirms the bank's view.