Zhi Tong Cai Jing·2025-08-15 05:49Core Viewpoint - UBS reports that China Resources Land (01109) is at a critical transformation period, with its stock price trading at a 50% discount to net asset value and one of the lowest price-to-earnings ratios among domestic property stocks, indicating that the market significantly undervalues its worth [1] Group 1: Investment Opportunities - The establishment of a private real estate investment trust (REITs) with fewer restrictions on capital usage is expected to help developers accelerate capital circulation [1] - Changing the dividend policy to a fixed dividend per share (DPS) could enhance dividend return visibility and reduce the need for capital reinvestment in development projects, serving as a positive catalyst for value [1] Group 2: Price Target and Ratings - UBS has raised the target price for China Resources Land from HKD 37 to HKD 42, maintaining a "Buy" rating and listing it as a top pick in the industry [1]