Lyon: Downgrade CHINA RES LAND (01109) target price to 34.1 Hong Kong dollars, Profit structure resilience begins to emerge.
China Resources Land is still the preferred choice for its high-quality developers and property owners, with its target price lowered from HK$35.4 to HK$34.1, maintaining its rating as "outperforming the market."
Lyon released a research report stating that CHINA RES LAND (01109) announced that due to a decrease in disposal income, the basic profit for 2025 will decrease, but the growth in recurring business profits has offset the decline in property sales profits. This year, recurring profits exceeded property sales profits. The bank believes that this profit structure has become more balanced, which may represent a new normal. As the negative financial impact of real estate development gradually fades and recurring business continues to grow, the bank expects that with the spin-off of more shopping center businesses, the company's profit outlook will remain robust. CHINA RES LAND remains the preferred choice for its high-quality developers and owners, with its target price lowered from HK$35.4 to HK$34.1, maintaining its rating as "outperforming the market."
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