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01109
CHINA RES LAND
HKD
31.080-0.100
(-0.32%)
1D
AI Analysis for 01109
AI Analysis
High
31.440
Open
30.800
VWAP
31.00
Vol
15.00M
Mkt Cap
211.00B
Low
30.700
Amount
464.00M
EV/EBITDA(TTM)
10.00
Total Shares
7.00B
EV
72.00B
EV/OCF(TTM)
24.00
P/S(TTM)
1.00
China Resources Land Ltd is an investment holding company mainly engaged in the development and sales of properties. The Company operates its business through four segments. The Development Property Business segment is mainly engaged in the development and sales of residential properties, office and commercial premises. The Investment Property Business segment is mainly engaged in the lease of investment properties. The Asset-light Management Business segment is mainly engaged in the commercial operation and property management business. The Eco-System Elementary Business segment is mainly engaged in the building operation, construction and operation services, rental housing and industrial property business.
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News
6.5
03:01 AMaastocks<Research> JPM: Relaxation of 'Three Red Lines' for Chinese Developers is Not a Novel Development
JP Morgan Report on Chinese Property Developers: JP Morgan's report indicated a 6% rise in stock prices of Chinese property developers, attributed to market speculation and the easing of monthly reporting requirements on the "Three Red Lines" by Chinese authorities.
Market Reaction Analysis: The broker suggested that the significant price increase may not solely be due to the news, as the reporting requirement has not been enforced for years, leaving room for other speculative market behaviors.
Future Market Outlook: JP Morgan believes that Chinese property developers may continue to outperform the market leading up to key political events in March and April, favoring stocks like CHINA RES LAND, CHINA RES MIXC, and CHINA JINMAO.
Best Investment Recommendation: Among the developers, LONGFOR GROUP is highlighted as offering the best risk/reward potential in a policy-driven market rally, despite its current short selling ratios.
6.5
01-29aastocksJPMorgan Favoring China Resources Land, China Resources Mixc, and China Jinmao; Chinese Property Sector Expected to Continue Outperforming Until April
Market Reaction: Chinese property developer stocks rose, speculated to be linked to the decision by authorities to stop requiring monthly "Three Red Lines" compliance reports, although JPMorgan noted this news was not new.
JPMorgan's Analysis: The firm indicated that the stock rise might be influenced by other market rumors, as no new relevant information was available at the time of their report.
Future Outlook: JPMorgan believes the performance of the Chinese property sector may continue to exceed market expectations until the Two Sessions in March and the CCP Politburo meeting in April.
Investment Recommendations: The report highlighted optimism for specific companies like CHINA RES LAND and LONGFOR GROUP, with the latter being noted for the best risk-reward potential in a policy-driven market.
4.5
01-29aastocksMidday Update: HSI Ends at 27,975, Gaining 148 Points; HSTI at 5,860, Dropping 39 Points; SANDS CHINA LTD Falls Over 7%; XINYI GLASS, ZIJIN MINING, CNOOC, HENDERSON LAND, AIA Reach New Peaks
Market Performance: The HSI rose by 148 points (0.5%) to 27,975, while the HSTI fell by 39 points (0.7%) to 5,860, and the HSCEI increased by 43 points (0.5%) to 9,555.
Active Heavyweights: Notable stock movements included PING AN (+1.9%), XIAOMI (+1.5%), and CCB (+1.5%), while BABA saw a slight decline of 0.2%.
Significant Movers: SANDS CHINA LTD dropped significantly by 7.3%, whereas LONGFOR and XINYI GLASS saw gains of 5.6% and 5.1%, respectively, with XINYI hitting a new high.
High Performers in HSMI & HSSI: LOGAN GROUP surged by 29.1%, SUNAC by 27.2%, and COUNTRY GARDEN by 20%, indicating strong performance among certain stocks in the market.
2.0
01-29aastocksSUNAC/CHINA AOYUAN Shares Surge 22%/16% as Chinese Developers Allegedly Exempt from Monthly 'Three Red Lines' Reporting
Chinese Property Developers Surge: Several HK-listed Chinese property developers, including SUNAC and COUNTRY GARDEN, experienced significant stock price increases, with SUNAC rising by 23.3% and COUNTRY GARDEN by 18.2%.
Trading Volume and Short Selling: The trading volume was substantial, with billions of shares exchanged and notable short selling activity, particularly in COUNTRY GARDEN and CHINA VANKE.
Regulatory Changes: Reports indicate that Chinese property developers are no longer required to report the "Three Red Lines" metrics monthly, although some distressed companies must still report financial indicators to local task forces.
Blue-Chip Stocks Performance: Among blue-chip stocks, CHINA OVERSEAS and LONGFOR GROUP also saw positive movements, with increases of 3.99% and 4.15%, respectively, amidst significant short selling.
4.5
01-28aastocksDaiwa Reveals Preferred Stocks in Hong Kong Market (Table)
Stock Performance: TENCENT saw a notable increase of 2.306%, while SHENZHOU INTL and BABA-W also experienced gains of 1.536% and 1.530%, respectively.
Short Selling Data: TENCENT had a short selling amount of $529.35M with a ratio of 8.541%, while SHENZHOU INTL had a significantly higher short selling ratio of 35.574% at $62.89M.
Declines in Other Stocks: WEICHAI POWER, MIDEA GP, and HENGRUI PHARMA experienced slight declines, with MIDEA GP dropping by 0.775%.
Market Overview: The report includes delayed quotes for HK stocks and mentions that the short selling data is as of January 28, 2026, indicating a focus on real-time market analysis.
Money Flow
Over the past 66 trading days, overall net money flow is 1.00B, with retail investors contributing 112.00M and major investors adding 897.00M.
Net Buy $ Volume
Net Sell $ Volume
Goldman Sachs
Goldman Sachs
maintain
$36
2026-01-19
Reason
Goldman Sachs lowered its 2025 core EPS forecast for CHINA RES LAND by 6% due to delays in the follow-up work of the C-REIT issuance, which affected the company's plans to spin off four mall assets. All projects are currently under review by the Shenzhen Stock Exchange, leading to a reduction in the forecasted net gain from asset disposals by RMB1.4 billion. Despite this adjustment, Goldman Sachs maintained its 2026-2028 EPS forecasts and kept its target price unchanged, reiterating a Buy rating and inclusion in the Conviction List Buy.
Goldman Sachs
Price Target
$36
2026-01-19
maintain
Goldman Sachs lowered its 2025 core EPS forecast for CHINA RES LAND by 6% due to delays in the follow-up work of the C-REIT issuance, which affected the company's plans to spin off four mall assets. All projects are currently under review by the Shenzhen Stock Exchange, leading to a reduction in the forecasted net gain from asset disposals by RMB1.4 billion. Despite this adjustment, Goldman Sachs maintained its 2026-2028 EPS forecasts and kept its target price unchanged, reiterating a Buy rating and inclusion in the Conviction List Buy.
UOB Kay Hian
UOB Kay Hian
Buy
downgrade
2026-01-16
Reason
The analyst rating from UOB Kay Hian for CHINA RES LAND is a "Buy" despite a predicted 18.8% drop in core net profit for 2025. This optimism is based on the company's strong commercial operations and core advantages in high-end residential development. However, the firm has lowered its earnings forecasts for 2025-27 and reduced the target price due to expected declines in gross profit margin (GPM) from real estate development and delayed gains from REITs listing.
UOB Kay Hian
Buy
Price Target
2026-01-16
downgrade
The analyst rating from UOB Kay Hian for CHINA RES LAND is a "Buy" despite a predicted 18.8% drop in core net profit for 2025. This optimism is based on the company's strong commercial operations and core advantages in high-end residential development. However, the firm has lowered its earnings forecasts for 2025-27 and reduced the target price due to expected declines in gross profit margin (GPM) from real estate development and delayed gains from REITs listing.
HSBC
HSBC Global Research
Buy
downgrade
$43 -> $39
2026-01-16
Reason
The analyst rating for CHINA RESOURCES LAND (01109.HK) is based on several key reasons:
1. Greater Relative Value: CHINA RESOURCES LAND is considered to offer greater relative value compared to CHINA RES MIXC (01209.HK), particularly because CHINA RES MIXC has seen a significant price increase of 60% since 2025.
2. Crowded Trading: The trading of CHINA RES MIXC is described as relatively crowded, which suggests that there may be limited upside potential for that stock, making CHINA RESOURCES LAND a more attractive option for allocation.
3. Earnings Rebound: CHINA RESOURCES LAND is expected to experience a V-shaped earnings rebound following an impairment, which indicates a strong recovery potential.
4. Dividend Upside and Market Share Gain: The company is anticipated to provide dividend upside and gain market share as the housing market recovers.
5. Beneficiary of Capital Recycling: CHINA RESOURCES LAND is identified as a primary beneficiary of capital recycling, which could enhance its financial performance.
As a result of these factors, HSBC Global Research maintained a "Buy" rating for CHINA RESOURCES LAND and adjusted its target price from $43 to $39. In contrast, it maintained a "Hold" rating for CHINA RES MIXC with a target price of $47.
HSBC
Buy
Price Target
$43 -> $39
2026-01-16
downgrade
The analyst rating for CHINA RESOURCES LAND (01109.HK) is based on several key reasons:
1. Greater Relative Value: CHINA RESOURCES LAND is considered to offer greater relative value compared to CHINA RES MIXC (01209.HK), particularly because CHINA RES MIXC has seen a significant price increase of 60% since 2025.
2. Crowded Trading: The trading of CHINA RES MIXC is described as relatively crowded, which suggests that there may be limited upside potential for that stock, making CHINA RESOURCES LAND a more attractive option for allocation.
3. Earnings Rebound: CHINA RESOURCES LAND is expected to experience a V-shaped earnings rebound following an impairment, which indicates a strong recovery potential.
4. Dividend Upside and Market Share Gain: The company is anticipated to provide dividend upside and gain market share as the housing market recovers.
5. Beneficiary of Capital Recycling: CHINA RESOURCES LAND is identified as a primary beneficiary of capital recycling, which could enhance its financial performance.
As a result of these factors, HSBC Global Research maintained a "Buy" rating for CHINA RESOURCES LAND and adjusted its target price from $43 to $39. In contrast, it maintained a "Hold" rating for CHINA RES MIXC with a target price of $47.
Daiwa
Daiwa
maintain
2025-12-16
Reason
The analyst rating from Daiwa is based on the belief that, despite a significant decline in new home sales and worsening conditions in the residential real estate market, the potential for stock prices in the sector to rise outweighs the risks of further declines. Daiwa anticipates that the Chinese government may introduce stimulus measures in the short term to address the increasing industry risks, which could positively impact the market. Consequently, they maintain a Buy rating on CHINA RES LAND, viewing it as a top pick in the sector.
Daiwa
Price Target
2025-12-16
maintain
The analyst rating from Daiwa is based on the belief that, despite a significant decline in new home sales and worsening conditions in the residential real estate market, the potential for stock prices in the sector to rise outweighs the risks of further declines. Daiwa anticipates that the Chinese government may introduce stimulus measures in the short term to address the increasing industry risks, which could positively impact the market. Consequently, they maintain a Buy rating on CHINA RES LAND, viewing it as a top pick in the sector.
Morgan Stanley
Morgan Stanley
Overweight
initiated
$39.3
2025-11-13
Reason
Morgan Stanley's analyst rating for CHINA RES LAND (01109.HK) is based on several key factors:
1. Strong Mall Operations: The company has demonstrated robust performance in its mall operations, leading to better-than-expected same-store sales and rental income in October, which increased by 17% year-over-year.
2. Cumulative Rental Growth: The cumulative rental growth for the first ten months of 2025 is reported at 13%, indicating a positive trend in rental income.
3. High-End Consumption: The expectation that the wealth effect in the stock market will continue to drive high-end consumption suggests that CHINA RES LAND's annual same-store sales growth could remain above 10%, even with a higher base in the fourth quarter of 2025.
4. Operating Leverage: Improved operating leverage is anticipated, which will contribute to a significant increase in recurring profit, projected to reach about 50% of core earnings this year.
5. Valuation Confidence: Morgan Stanley's sum-of-the-parts (SOTP) valuation method indicates that CHINA RES LAND should receive a higher valuation, currently estimated at 8.2 times the forecasted price-to-earnings (P/E) ratio.
6. High Probability of Success: The broker estimates that the scenario of growth and improved performance is over 80% likely, which adds to their confidence in the stock's potential.
Based on these factors, Morgan Stanley has assigned an Overweight rating to CHINA RES LAND with a target price of HKD39.3.
Morgan Stanley
Overweight
Price Target
$39.3
2025-11-13
initiated
Morgan Stanley's analyst rating for CHINA RES LAND (01109.HK) is based on several key factors:
1. Strong Mall Operations: The company has demonstrated robust performance in its mall operations, leading to better-than-expected same-store sales and rental income in October, which increased by 17% year-over-year.
2. Cumulative Rental Growth: The cumulative rental growth for the first ten months of 2025 is reported at 13%, indicating a positive trend in rental income.
3. High-End Consumption: The expectation that the wealth effect in the stock market will continue to drive high-end consumption suggests that CHINA RES LAND's annual same-store sales growth could remain above 10%, even with a higher base in the fourth quarter of 2025.
4. Operating Leverage: Improved operating leverage is anticipated, which will contribute to a significant increase in recurring profit, projected to reach about 50% of core earnings this year.
5. Valuation Confidence: Morgan Stanley's sum-of-the-parts (SOTP) valuation method indicates that CHINA RES LAND should receive a higher valuation, currently estimated at 8.2 times the forecasted price-to-earnings (P/E) ratio.
6. High Probability of Success: The broker estimates that the scenario of growth and improved performance is over 80% likely, which adds to their confidence in the stock's potential.
Based on these factors, Morgan Stanley has assigned an Overweight rating to CHINA RES LAND with a target price of HKD39.3.
JPMorgan
JPMorgan
Overweight
maintain
$35
2025-11-13
Reason
The analyst rating for CHINA RES LAND (01109.HK) and CHINA RES MIXC (01209.HK) is primarily based on the following reasons:
1. Liquidity Improvement: JPMorgan believes that the placement of approximately 2.2% of CHINA RES MIXC shares at a discount is aimed at increasing the liquidity of CHINA RES MIXC shares, addressing concerns raised in a previous investor meeting about insufficient share liquidity.
2. Minimal Impact on Debt Ratio: The proceeds from the placement, estimated at about HKD2.1 billion, are considered relatively small and unlikely to significantly affect CHINA RES LAND's net debt ratio, allowing for a focus on liquidity rather than immediate financial distress.
3. Earnings Forecast: JPMorgan has projected a decline in CHINA RES LAND's core net profit by 5% year-over-year in 2025, factoring in potential disposal gains from the sale of Kunshan Mixc. However, if the sale is delayed, earnings could drop by 10-15%, indicating a cautious outlook.
4. Dividends and Downside Risk: The placement proceeds are comparable to potential disposal gains, which may help mitigate downside risks to dividends, despite an expected drop in dividend income from CHINA RES MIXC.
5. Target Prices and Ratings: JPMorgan has set target prices of HKD35 for CHINA RES LAND and HKD44.5 for CHINA RES MIXC, both rated as Overweight, suggesting a positive outlook despite the challenges mentioned.
Overall, the rating reflects a strategic move to enhance liquidity while managing earnings expectations and dividend risks.
JPMorgan
Overweight
Price Target
$35
2025-11-13
maintain
The analyst rating for CHINA RES LAND (01109.HK) and CHINA RES MIXC (01209.HK) is primarily based on the following reasons:
1. Liquidity Improvement: JPMorgan believes that the placement of approximately 2.2% of CHINA RES MIXC shares at a discount is aimed at increasing the liquidity of CHINA RES MIXC shares, addressing concerns raised in a previous investor meeting about insufficient share liquidity.
2. Minimal Impact on Debt Ratio: The proceeds from the placement, estimated at about HKD2.1 billion, are considered relatively small and unlikely to significantly affect CHINA RES LAND's net debt ratio, allowing for a focus on liquidity rather than immediate financial distress.
3. Earnings Forecast: JPMorgan has projected a decline in CHINA RES LAND's core net profit by 5% year-over-year in 2025, factoring in potential disposal gains from the sale of Kunshan Mixc. However, if the sale is delayed, earnings could drop by 10-15%, indicating a cautious outlook.
4. Dividends and Downside Risk: The placement proceeds are comparable to potential disposal gains, which may help mitigate downside risks to dividends, despite an expected drop in dividend income from CHINA RES MIXC.
5. Target Prices and Ratings: JPMorgan has set target prices of HKD35 for CHINA RES LAND and HKD44.5 for CHINA RES MIXC, both rated as Overweight, suggesting a positive outlook despite the challenges mentioned.
Overall, the rating reflects a strategic move to enhance liquidity while managing earnings expectations and dividend risks.
Morgan Stanley
Morgan Stanley
maintain
$39.3
2025-10-13
Reason
The analyst rating from Morgan Stanley is based on several key factors:
1. Strong Sales Performance: The CR Mixc mall experienced low-teens year-over-year (YoY) growth in same-store sales growth (SSSG) during the Golden Week, contributing to overall mall retail sales increasing by more than 25% YoY. High-end mall SSSG even exceeded 20%.
2. Market Share Advantage: The growth of CR Mixc outperformed its peers, attributed to an expanding market share advantage.
3. Positive Year-to-Date Growth: Year-to-date, the SSSG has shown low-teens YoY growth, and overall retail sales for the first nine months of 2025 grew by 20-25% YoY, aligning with the broker's expectations.
4. Rental Income Projections: The broker anticipates that full-year rental income will surpass management's initial expectations, projecting a 13% YoY growth.
5. Stock Recommendation: Based on these factors, Morgan Stanley has named the stock as a top pick with a target price of HK$39.3 and assigned an "Overweight" rating.
These elements collectively support the positive analyst rating for CHINA RES LAND.
Morgan Stanley
Price Target
$39.3
2025-10-13
maintain
The analyst rating from Morgan Stanley is based on several key factors:
1. Strong Sales Performance: The CR Mixc mall experienced low-teens year-over-year (YoY) growth in same-store sales growth (SSSG) during the Golden Week, contributing to overall mall retail sales increasing by more than 25% YoY. High-end mall SSSG even exceeded 20%.
2. Market Share Advantage: The growth of CR Mixc outperformed its peers, attributed to an expanding market share advantage.
3. Positive Year-to-Date Growth: Year-to-date, the SSSG has shown low-teens YoY growth, and overall retail sales for the first nine months of 2025 grew by 20-25% YoY, aligning with the broker's expectations.
4. Rental Income Projections: The broker anticipates that full-year rental income will surpass management's initial expectations, projecting a 13% YoY growth.
5. Stock Recommendation: Based on these factors, Morgan Stanley has named the stock as a top pick with a target price of HK$39.3 and assigned an "Overweight" rating.
These elements collectively support the positive analyst rating for CHINA RES LAND.
Citigroup
maintain
2025-08-28
Reason
Citigroup
Price Target
2025-08-28
maintain
Nomura
Nomura
Buy
maintain
2025-08-28
Reason
The analyst rating from BOCOM International for CHINA RES LAND (01109.HK) is based on several positive factors:
1. Strong Revenue Growth: The company reported a 25.8% year-over-year increase in property development revenue, driven by higher property deliveries, and an overall revenue increase of 20% year-over-year.
2. Low Debt Ratio: CHINA RES LAND's debt ratio is noted to be low within the industry, which suggests financial stability.
3. Decreasing Financial Costs: The report highlights a continued drop in financial costs, which can enhance profitability.
4. Improving Gross Margin: The gross margin is expected to bottom out, indicating that the negative impacts from industry fluctuations may lessen, leading to anticipated profit growth.
5. Positive Long-term Outlook: The broker maintains its earnings forecast for FY2025-27 and expects better long-term earnings due to potential margin improvements.
These factors collectively support BOCOM International's decision to maintain a Buy rating and raise the target price for the stock.
Nomura
Buy
Price Target
2025-08-28
maintain
The analyst rating from BOCOM International for CHINA RES LAND (01109.HK) is based on several positive factors:
1. Strong Revenue Growth: The company reported a 25.8% year-over-year increase in property development revenue, driven by higher property deliveries, and an overall revenue increase of 20% year-over-year.
2. Low Debt Ratio: CHINA RES LAND's debt ratio is noted to be low within the industry, which suggests financial stability.
3. Decreasing Financial Costs: The report highlights a continued drop in financial costs, which can enhance profitability.
4. Improving Gross Margin: The gross margin is expected to bottom out, indicating that the negative impacts from industry fluctuations may lessen, leading to anticipated profit growth.
5. Positive Long-term Outlook: The broker maintains its earnings forecast for FY2025-27 and expects better long-term earnings due to potential margin improvements.
These factors collectively support BOCOM International's decision to maintain a Buy rating and raise the target price for the stock.
Nomura
Nomura
Buy
maintain
2025-08-28
Reason
The analyst rating for CHINA RES LAND (01109.HK) from UOB Kay Hian is based on several key factors:
1. Core Net Profit Performance: The company's core net profit dropped by 6.9% year-over-year in 1H25, which was largely in line with expectations.
2. Strong Earnings from Recurring Businesses: The robust performance of its mall and recurring businesses contributed significantly, accounting for 60.2% of its earnings.
3. Positive Outlook: Management has a positive outlook on sales for 2H25, supported by policy measures and increased resources.
4. REIT Listing Impact: The group's recent goal to list a Real Estate Investment Trust (REIT) is expected to positively impact short-term earnings.
5. Target Price Adjustment: The broker maintained its earnings forecast and raised the target price for CHINA RES LAND from HK$32.8 to HK$34.1, reinforcing a Buy rating.
These factors collectively support a favorable analyst rating for the company.
Nomura
Buy
Price Target
2025-08-28
maintain
The analyst rating for CHINA RES LAND (01109.HK) from UOB Kay Hian is based on several key factors:
1. Core Net Profit Performance: The company's core net profit dropped by 6.9% year-over-year in 1H25, which was largely in line with expectations.
2. Strong Earnings from Recurring Businesses: The robust performance of its mall and recurring businesses contributed significantly, accounting for 60.2% of its earnings.
3. Positive Outlook: Management has a positive outlook on sales for 2H25, supported by policy measures and increased resources.
4. REIT Listing Impact: The group's recent goal to list a Real Estate Investment Trust (REIT) is expected to positively impact short-term earnings.
5. Target Price Adjustment: The broker maintained its earnings forecast and raised the target price for CHINA RES LAND from HK$32.8 to HK$34.1, reinforcing a Buy rating.
These factors collectively support a favorable analyst rating for the company.
Valuation Metrics
Forward PE
N/A
5Y Average PE
3.26
Current PE
7.60
Overvalued PE
7.10
Undervalued PE
-0.58
Forward EV/EBITDA
5Y Average EV/EBITDA
9.15
Current EV/EBITDA
10.36
Overvalued EV/EBITDA
10.58
Undervalued EV/EBITDA
7.72
Forward PS
5Y Average PS
0.77
Current PS
0.67
Overvalued PS
0.89
Undervalued PS
0.66
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