Lyon: Raise target price of China Resources Vanguard Life to 41.2 Hong Kong dollars and maintain "outperform the market" rating.

Lyon published a report pointing out that the performance of CR Vanguard's commercial management business remains strong in the first half of the year, with a 24.4% increase in gross profit, benefiting from a 21.1% year-on-year growth in tenant sales. The bank believes that CR Vanguard's business represents high-end consumption in major cities and will continue to outperform overall consumption. The bank has adjusted its valuation basis to earnings per share for 2027 and raised its target price from 35.8 Hong Kong dollars to 41.2 Hong Kong dollars, maintaining an "outperform the market" rating.