Core Viewpoint - CICC has initiated coverage on China Jinmao (00817) with an "outperform sector" rating and a target price of HKD 1.86, reflecting a 10% discount to the forecasted 2025 net asset value (NAV) per share [1] Company Summary - The company is experiencing significant positive changes in management and strategy, with controllable historical burdens and expected incremental flexibility [1] - Improved management and strategic focus provide a foundation for value reconstruction, with visible incremental sales flexibility and manageable risks in existing land reserves [1] - CICC projects the company's NAV to reach RMB 25.6 billion by the end of 2025, with substantial growth potential in per-share NAV if stable land acquisition investments continue from 2026 onwards [1] Industry Summary - CICC holds a positive outlook for the real estate sector over the next 6 to 12 months, particularly for companies with strong organizational management and stable fundamentals [1] - China Jinmao is identified as a key investment target within this sector, benefiting from favorable market conditions [1] - The company is expected to achieve earnings per share of RMB 0.10 and RMB 0.11 for 2025 and 2026, respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1]
中金：再次覆盖中国金茂予“跑赢行业”评级 目标价1.86港元