Group 1 - UBS upgraded the rating of China Resources Mixc Lifestyle (01209) to "Buy" due to the company's superior ability to discover emerging brands compared to peers [1] - The recovery signs in the domestic luxury retail market, along with a decrease in mall supply from 2026 to 2027, are expected to benefit existing malls' rental growth [1] - These factors are anticipated to enhance the company's earnings visibility from 2025 to 2027, with an expected annual compound growth rate of 15% [1] Group 2 - The company's dividend payout ratio is at 100%, including special dividends, leading to an increase in the target price from HKD 38 to HKD 48 [1]

Core Viewpoint - UBS upgraded the rating of China Resources Vientiane Life to "Buy" due to the company's superior ability to discover emerging brands compared to its peers, particularly in the context of the rise of domestic brands and the differentiation in brand performance [1] Group 1: Market Conditions - There are signs of recovery in the domestic luxury goods retail sector, which is expected to benefit existing shopping malls [1] - A reduction in shopping mall supply is anticipated from 2026 to 2027, which will support rental growth for existing malls [1] Group 2: Financial Projections - The aforementioned factors are expected to enhance the company's earnings visibility from 2025 to 2027, with an estimated annual compound growth rate of 15% [1] - The target price for the company has been raised from HKD 38 to HKD 48, based on a dividend payout ratio of 100%, including special dividends [1]