Core Viewpoint - The report from Credit Lyonnais indicates that China Resources Vientiane Life's (01209) profit growth in the first half of the year fell short of earlier core profit forecasts for 2025 due to lower-than-expected growth in property management business [1] Summary by Category Financial Performance - The commercial management business showed strong performance with a gross profit increase of 24.4%, benefiting from a 21.1% year-on-year increase in tenant sales [1] - The profit forecast for the company has been revised downwards for the years 2023 to 2027, with adjustments ranging from 1.3% to 3.7% [1] Valuation and Target Price - The valuation basis for the company has been adjusted to the earnings per share for 2027, with the target price raised from HKD 35.8 to HKD 41.2 [1] - The rating for the stock remains "outperform the market" [1] Market Position - The company is viewed as a representative of high-end consumption in major cities and is expected to continue outperforming overall consumption trends [1]
里昂：料华润万象生活(01209)商业管理业务保持强劲 上调目标价至41.2港元