Core Viewpoint - The report from CMB International indicates that due to the better-than-expected performance of the higher-valued retail segment of China Resources Vientiane Life (01209), it will contribute a larger share of profits, leading to an increase in the target price by 18% from HKD 43.86 to HKD 51.84, maintaining a "Buy" rating [1] Group 1 - The shopping center segment of China Resources Vientiane Life has become a significant profit pillar, demonstrating operational capabilities that exceed industry peers [1] - The profit contribution from this segment is expected to rise to 60% for the full year, with revenue and gross profit growth rates projected at 18% and 27% respectively [1] - The group has maintained a 100% dividend payout since 2023, with expectations to continue this trend, resulting in a dividend yield of 4.4%, which is attractive among state-owned enterprises [1]
招银国际：升华润万象生活目标价至51.84港元 购物中心表现远超同业