Bank of America Securities: Raised target price for CHINA RES MIXC (01209) to HKD 51, raised profit forecast.

Bank of America Securities released a research report stating that CHINA RES MIXC (01209) had a core profit growth of 13.7% last year, slightly higher than the bank's and market's expectations. The bank has raised its profit forecasts for the company for 2026 and 2027 by 2% to 3%, with the target price increased from HK$50 to HK$51, and maintaining a "buy" rating. Management announced five-year operational targets at the performance meeting, including a 10% compound annual growth rate in both commercial management business and property management business profits; doubling of income and profits in the target membership business from a smaller base. If these targets are achieved, it would mean an overall compound annual growth rate of approximately 10% in profits over the next five years, corresponding to a forecast price-earnings ratio of 20 times in 2026. The bank continues to be optimistic about CHINA RES MIXC, as its proactive tenant mix management drives sales growth better than industry peers, and believes that a dividend yield of over 5% combined with double-digit profit growth is very attractive.