Jinwu Financial News | According to Huachuang Securities Research Report, the gross margin of the China Resources Vientiane Life (01209) shopping center increased to 71.9%, contributing 49.6% to gross profit. 1) The company's commercial management capabilities are outstanding, and the scale effect of core cities deepened. Increased efficiency led to a marked increase in gross margin. The gross margin of shopping malls increased 7.7 pcts to 71.9% year-on-year in '23. 2) The operating capacity is recognized by the market. The number of third-party operation and reserve projects has reached 55, including Lanzhou Vientiane City, the first third-party luxury project that has already been opened.
According to the bank, the company is a leading commercial management company with strong commercial management capabilities to ensure rapid growth in retail sales and rent in managed shopping centers. Performance is expected to continue to grow as new projects continue to be taken over. The bank expects the company's EPS to be 1.58, 1.88, and 2.25 yuan respectively in 2024-2026. Based on the residual income model, it estimates that the current reasonable market value of the company is about $77.5 billion, and the target price is adjusted to HK$37.46 (previous value was HK$43.84), corresponding to 21 times PE in 2024, maintaining the “recommended” rating.