Core Viewpoint - UBS upgraded the rating of China Resources Vientiane Life to "Buy" due to the company's superior ability to discover emerging brands compared to its peers, particularly in the context of the rise of domestic brands and the differentiation in brand performance [1] Group 1: Market Conditions - There are signs of recovery in the domestic luxury goods retail sector, which is expected to benefit existing shopping malls [1] - A reduction in shopping mall supply is anticipated from 2026 to 2027, which will support rental growth for existing malls [1] Group 2: Financial Projections - The aforementioned factors are expected to enhance the company's earnings visibility from 2025 to 2027, with an estimated annual compound growth rate of 15% [1] - The target price for the company has been raised from HKD 38 to HKD 48, based on a dividend payout ratio of 100%, including special dividends [1]
大行评级丨瑞银：上调华润万象生活目标价至48港元 评级升至“买入”