CICC released a research report saying that maintaining China Resources Land's (01109.HK) “outperforming the industry” rating, the target price is HK$43.5, prompting attention to possible subsequent consolidation and retracement bringing layout opportunities. The bank continues to be optimistic that under the two-wheel drive of “development+hold”, it will go through the industry adjustment period with strong resilience in the short to medium term. The path to long-term transformation to high-quality asset managers is clear, and there is considerable room for valuation reshaping. Also, it is believed that the company has not reached a reasonable market value (even if only looking at commercial assets, the current market value is 20% off), and it is recommended to focus on future consolidation that may bring layout opportunities.
中金：维持华润置地(01109.HK)“跑赢行业”评级 目标价43.5港元
CICC: Maintaining China Resources Land's (01109.HK) “Outperform the Industry” rating target price of HK$43.5
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