Xin Lang Cai Jing·2026-01-20 03:52Core Viewpoint - Goldman Sachs has downgraded the core earnings per share (EPS) forecast for China Resources Land (01109) by 6% for 2025 due to delays in the follow-up work related to the issuance of Real Estate Investment Trusts (C-REITs) [1] Group 1 - The company plans to spin off four shopping mall assets, which are currently under review by the Shenzhen Stock Exchange [1] - As a result of the delays, Goldman Sachs has reduced the net income forecast from asset disposals for 2025 by 1.4 billion RMB [1] - The EPS forecasts for China Resources Land from 2026 to 2028, as well as the target price of HKD 36, remain unchanged, with the target price based on a 10% discount to the projected net asset value (NAV) of HKD 40 at the end of 2026 [1][4] - Goldman Sachs has reiterated a "Buy" rating and included the stock in its conviction buy list [1][4]