UBS: Raise CHINA RES MIXC (01209) to "Buy" rating, target price raised to 48 Hong Kong dollars

UBS released a research report stating that it has upgraded the rating of CHINA RES MIXC (01209) to "Buy" as the company's ability to discover emerging brands is leading the industry, especially in the rise of domestic brands and the differentiation of brand performance. In addition, there are signs of recovery in luxury retail in the mainland, coupled with a reduction in shopping mall supply from 2026 to 2027, which will benefit the rental growth of existing shopping malls. The bank believes that these factors will increase the company's profit visibility for the years 2025 to 2027, with an expected annual compound growth rate of 15%. Based on a dividend payout ratio of 100% (including special dividends), the target price has been raised from HK$38 to HK$48.