CICC: Initiate a "buy" rating on MMG Limited (01768.HK) with a target price of HK$542.

According to the Zhixun Financial APP, CICC International released a research report stating that it is expected that Minmetals Land (01768.HK) will achieve a revenue CAGR of approximately 18% and an adjusted net profit CAGR of approximately 23% from 2025 to 2028. The profit growth rate is faster than the revenue growth rate, showing the characteristic of the volume-based model transitioning from the scale expansion phase to the profit realization phase. It is expected that the adjusted net profit margin will steadily increase from 4.1% in 2025 to 4.6% in 2028. Based on a 25 times average P/E ratio for 2026-27, a target price of HK$542.00 is given, corresponding to a PEG of 1.1 times, which is attractive compared to comparable companies. It is recommended to "buy" rating.