Core Viewpoint - The report from Citi indicates that 2025 will continue to be a challenging year for the residential property management business, with a focus on enhancing profitability through the restructuring of value-added services and slowing down the expansion of total floor area [1] Financial Forecasts - The earnings forecasts for China Resources Mixc Lifestyle (01209) for the years 2025 to 2027 have been revised downwards by 2.5%, 6.3%, and 7% respectively [1] - The target price has been adjusted from HKD 41.2 to HKD 49.2 based on a target price-to-earnings ratio of 20 times [1] Market Position - The 2025 earnings forecast is 4% below market expectations and is at the lower end of the company's double-digit growth target [1] - Despite the lower earnings forecast, the core business performance is expected to exceed expectations, and the quality of earnings is deemed worthy of a higher long-term valuation [1]
里昂：升华润万象生活(01209)目标价至49.2港元 维持“跑赢大市”评级