M Stanley Raises CHINA RES LAND TP to HKD42.6 as Market Re-rating Continues
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M Stanley has raised the target price for CHINA RES LANDto HKD42.6, reflecting a positive market re-rating. The company's contracted sales in April surged 50% YoY, with May Day sales up over 20% YoY, leading to a 2% YoY increase in cumulative sales for the first four months. M Stanley expects robust sales in Q2 and has increased its full-year sales forecast by 3% to RMB235 billion. The broker also raised core earnings forecasts for 2026-2028 and net asset value estimate by 8%. The stock is rated Overweight and remains a top pick.
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