<BofAS Analysis> Ratings and Target Prices for Chinese Property Managers (Table)

The analyst rating for CHINA RES MIXC (01209.HK) is a "Buy" based on several factors highlighted in the article. HSBC Global Research noted that the company delivered in-line results for 1H25, with a core profit growth of 15% year-over-year. Additionally, the company increased its basic dividend payout ratio from 36% to 60% and declared a special dividend, resulting in a total payout ratio of 100%. The report suggests that with growth expectations recalibrated and the stock price having recently pulled back, the risk-reward profile for investors has become more favorable. HSBC believes that the company offers strong organic growth, generous shareholder returns, and exposure to consumer recovery, making it an attractive investment. Furthermore, the anticipation of large-scale consumer stimulus policies is seen as a key catalyst for further revaluation, leading to an increase in the target price from HKD42 to HKD44.