[ET Net News Agency, 22 August 2019] Macquarie Research raised its target price for
China Resources Land (CRL)(01109) by 3.7% to HK$39.62 and maintained its "outperform"
rating.
The research house said CRL's 1H core profit of Rmb8.1bn accounts for 33% of Macquarie's
full-year forecast. The growth was mainly driven by robust rental income and contribution
from JVs/Associates despite flattish growth and DP margin compression. Management is
confident of achieving double-digit FY2019 profit growth.
Macquarie tweaked its core profit estimates for FY2019-21 by -1.2%/+1%/-1.1%. (KL)