CICC: Maintains "outperform" rating on Poly Property (06049.HK), lowers target price to HK$38.6

According to the Wisdom Financial News app, Zhongjin released a research report stating that based on the adjustment of the detailed business structure and gross profit margin of Poly Property (06049.HK), the company lowered its profit forecast for 2025 by 6% to 1.55 billion yuan (5% year-on-year growth) and introduced a profit forecast of 1.62 billion yuan for 2026 (5% year-on-year growth). The company maintains an outperform industry rating, lowers its target price by 9% to 38.6 Hong Kong dollars (corresponding to a target price-earnings ratio of 13 times for 2025, implying a 25% upside). This adjustment primarily reflects changes in profit forecasts and changes in market risk preferences. The company is currently trading at a price-earnings ratio of 10.4 times for 2025 and an expected dividend yield of 5.3%.