Core Viewpoint - UBS reports that China Resources Land (01109) is at a critical transformation period, with its stock price trading at a 50% discount to net asset value and one of the lowest price-to-earnings ratios among domestic property stocks, indicating that the market significantly undervalues its worth [1] Group 1: Investment Opportunities - The establishment of a private real estate investment trust (REITs) with fewer restrictions on capital usage is expected to help developers accelerate capital circulation [1] - Changing the dividend policy to a fixed dividend per share (DPS) could enhance dividend return visibility and reduce the need for capital reinvestment in development projects, serving as a positive catalyst for value [1] Group 2: Price Target and Ratings - UBS has raised the target price for China Resources Land from HKD 37 to HKD 42, maintaining a "Buy" rating and listing it as a top pick in the industry [1]

智通财经APP获悉，瑞银发布研报称，华润置地(01109)正处于转型关键期，目前股价较资产净值折让达 50%，市盈率更是内房股中最低之一，认为市场明显低估其价值，憧憬设立资金用途限制较少的私募房 地产信托基金(REITs)，将有助发展商加速资本循环。该行又指，若润地将股息政策改为固定每股股息 (DPS)，将能提高股息回报可见度，以及减少对开发业务的资本再投入，均将成为价值正面催化剂。瑞 银将华润置地目标价由37港元上调至42港元，维持"买入"评级，列行业首选。 ...