CITIC SEC: Maintains "Buy" rating on CSC DEVELOPMENT (00830) with a target price of 2 Hong Kong dollars.

09:49 29/10/2025

The company's performance is greatly affected by the downturn in the real estate industry. As Hong Kong's real estate stabilizes and the emerging market + BIPV industry gears up, it is expected that the company's performance will recover and grow.

CITIC SEC released a research report stating that CSC DEVELOPMENT (00830) released its unaudited third quarter report for 2025, achieving operating revenue of 4.709 billion Hong Kong dollars, a decrease of 28.5% year-on-year, and achieving operating profit of 635 million Hong Kong dollars, a decrease of 24.5% year-on-year. Currently, the company's performance is greatly affected by the decline in the real estate industry. However, with the stabilization and recovery of the Hong Kong real estate market and the strong development of the emerging market and BIPV industry, it is expected that the company's performance will resume growth. Based on the comparative PE of comparable companies and the company's historical PB valuation, the company's target market value for 2025 is set at 4.5 billion Hong Kong dollars, corresponding to a target price of 2.0 Hong Kong dollars, maintaining a "buy" rating.

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