CICC: Raise target price of China Resources Land to HK$37, maintain "outperform" rating.

Zhongjin released a research report stating that CR Land's performance in the first half of the year met expectations, with revenue increasing by 19.9% year-on-year and gross profit margin rising by 1.8 percentage points to 24%. The management team mentioned during the performance meeting that they plan to issue REITs worth 30 to 50 billion RMB in the next 3 to 5 years, with an average disposal of 5 to 10 billion RMB each year, corresponding to a rental impact of 600 to 700 million RMB. The bank believes that when the group continues to raise funds in the future, it is expected to enhance the company's profit statement, as well as improve cash flow and balance sheet resilience, and increase asset turnover efficiency. The bank maintains the company's "outperform industry" rating, with the target price raised by 13% to 37 Hong Kong dollars.