Core Insights - The core net profit of China Resources Vientiane Life (01209) increased by 15% year-on-year in the first half of the year, meeting expectations, while revenue grew by 7%, slightly below expectations [1] - The core business of shopping center operations showed robust performance with a revenue growth of 19% and a gross margin increase of 6 percentage points, reaching a record high gross profit contribution of 68% [1] - The target price for China Resources Vientiane Life has been revised down from HKD 45.27 to HKD 43.86, reflecting profit adjustments, while maintaining a "Buy" rating [1] Financial Guidance - The company has lowered its revenue growth guidance for the fiscal year 2025 to single digits from the previous double-digit forecast, but it maintains a double-digit growth guidance for core net profit, indicating an improvement in profit margins [1] - The company announced a 100% payout ratio, resulting in a dividend yield of 5.1% [1] Market Reaction - The company's stock price fell by 9% on the previous day (27th), which is viewed as a good entry opportunity considering its higher growth compared to peers, diversified layout, and the attractiveness of being a state-owned enterprise with a high dividend yield [1]
招银国际：降华润万象生活(01209)目标价至43.86港元 维持“买入”评级