CMBC International: Raises target price of CHINA RES MIXC (01209) to HKD 51.84. Shopping center performance far exceeds industry peers.

China Merchants International released a research report stating that due to the higher valuation of CHINA RES MIXC (01209) retail sector business performance and higher expected profit contribution, the target price-earnings ratio has been raised to 23 times, corresponding to the rolling year of 2026. Therefore, the target price has been raised by 18%, from 43.86 Hong Kong dollars to 51.84 Hong Kong dollars, maintaining a "buy" rating. The report indicates that the shopping center sector of CHINA RES MIXC has become an absolute profit pillar, continuously demonstrating operational capabilities far exceeding industry peers. The bank predicts that the profit contribution of this sector will increase to 60% for the full year of this year, with revenue and gross profit growth rates reaching 18% and 27% respectively. In addition, the group has maintained a 100% dividend payout from 2023 to the present. The bank expects this trend to continue this year, with a corresponding dividend yield of 4.4%, making it more attractive among state-owned enterprises.