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中信里昂:升长实集团(01113)目标价至34.1港元 维持“持有”评级
智通财经网· 2025-08-19 02:41
Core Viewpoint - CITIC Securities has raised the target price for Cheung Kong Holdings (01113) by 9% from HKD 31.3 to HKD 34.1 while maintaining a "Hold" rating, reflecting a more favorable outlook for the company's performance [1] Summary by Relevant Sections - **Target Price Adjustment**: The target price for Cheung Kong Holdings has been increased to HKD 34.1, which is a 9% increase from the previous target price of HKD 31.3 [1] - **Valuation Extension**: The valuation has been extended to 2026, with a necessary yield spread reduction of 1 percentage point to 1%, indicating higher expectations for interest rate cuts and a decrease in the drag from Hong Kong residential properties [1] - **Profit and Dividend Performance**: The group's core profit is expected to grow by 1.2% year-on-year in the first half of 2025, with interim dividends per share remaining stable, aligning with expectations [1] - **Revenue Resilience**: Despite a decline in rental income, the group's recurring revenue remains resilient due to robust growth in bar operations and infrastructure projects [1] - **Future Outlook**: It is anticipated that the drag from Hong Kong residential properties on profitability will lessen starting in 2026, as the group plans to launch major projects and make sufficient provisions by the end of 2025 [1]