中信里昂：升长实集团目标价至34.1港元 维持“持有”评级

Core Viewpoint - Citic Securities has raised the target price for Cheung Kong Holdings (01113) by 9% from HKD 31.3 to HKD 34.1 while maintaining a "Hold" rating, reflecting a more favorable outlook for the company [1] Financial Performance - The group's core profit is expected to increase by 1.2% year-on-year in the first half of 2025, with interim earnings per share dividends remaining flat, aligning with expectations [1] - Despite a decline in rental income, recurring revenue remains resilient due to robust growth in bar operations and infrastructure projects [1] Market Outlook - The valuation has been extended to 2026, with the necessary yield spread reduced by 1 percentage point to 1%, indicating higher expectations for interest rate cuts and a diminishing drag from Hong Kong residential properties [1] - It is anticipated that the drag from Hong Kong residential properties on profitability will lessen starting in 2026, as the group plans to launch major projects and build sufficient provisions by the end of 2025 [1]