Core Viewpoint - The company maintains its profit forecast for Midea Real Estate (03990), expecting a year-on-year growth of 19% and 13% in core net profit attributable to shareholders for 2025-26, reaching 601 million and 682 million respectively, and raises the target price by 36% to HKD 5.8 per share, indicating a 5.5% dividend yield for 2025 and a 23% upside potential [1] Group 1 - Midea Real Estate's 1H25 performance meets market expectations, with revenue increasing by 41% to 1.997 billion, and core net profit rising by 119.4% to 312 million [2] - The company reported development service revenue of 505 million and operating profit of 162 million in 1H25, supporting significant growth in revenue and profit [3] - The property management and asset operation businesses showed steady growth, with property management revenue increasing by 9% to 930 million, while asset operation revenue rose by 14% to 275 million [4] Group 2 - The company is focused on enhancing its core competitiveness by deepening its layout in the real estate development industry chain, expecting development service revenue to reach approximately 1 billion for the full year of 2025 [5] - The company plans to maintain a competitive dividend policy, continuing its practice of semi-annual dividends, which is expected to provide a solid foundation for shareholder returns [6]
中金：维持美的置业跑赢行业评级 升目标价至5.8港元