大行评级丨美银：上调华润置地目标价至43港元，重申“买入”评级

Core Viewpoint - Bank of America Securities reports that China Resources Land's fiscal year 2025 performance slightly exceeds expectations, leading to optimism about its rental profit growth driven by strong execution, a clear mall development pipeline, and more proactive capital recovery through commercial real estate investment trusts [1] Group 1 - The company is expected to benefit from a potential recovery in the physical real estate market, which could provide upward momentum for its property development business [1] - The current valuation is considered attractive, with a forecasted price-to-earnings ratio of 8 times for fiscal year 2026, compared to over 20 times for C-REITs and approximately 16 times for Hong Kong peers [1] - Based on an upward adjustment of core earnings estimates for fiscal year 2027 and currency factors, the target price has been raised by 10% from HKD 39 to HKD 43, maintaining a "Buy" rating [1]