CMBC International: Maintain "buy" rating on CHINA RES MIXC (01209) with target price raised to HKD 53.96.

CMBC International released a research report stating that it maintains a "buy" rating on CHINA RES MIXC (01209) with a target price raised by 4% to HK$53.96. The bank predicts that CHINA RES MIXC's revenue in 2025 will reach 18.2 billion RMB, a year-on-year increase of 6.5%. Residential business revenue is expected to remain flat year-on-year due to the drag of value-added services, while commercial operations revenue is expected to increase by 13.8%. Furthermore, CMBC International predicts that CHINA RES MIXC's core net profit in 2025 will increase by 10.8% to 3.9 billion RMB, with stable gross profit margin in basic property management, continuous improvement in gross profit margin of shopping centers, and a decrease in sales and administrative expense ratio providing support. The bank currently maintains revenue forecasts for 2025 to 2027 unchanged, but due to a reasonable pace of profit margin expansion, it has revised down core net profit forecast by 4%.