CITIC Securities: Maintains "Buy" rating on CSC DEVELOPMENT with a target price of HKD 2

CITIC Securities released a research report stating that CSC DEVELOPMENT published its unaudited Q3 2025 report, achieving operating revenue of HKD 4.709 billion, a decrease of 28.5% year-on-year, and operating profit of HKD 635 million, a decrease of 24.5% year-on-year. The company's performance is significantly affected by the decline in the real estate industry. However, as the Hong Kong real estate market stabilizes and recovers, along with the emerging market + BIPV industry gaining momentum, the company's performance is expected to recover. Based on the comparable companies' PE and the company's historical PB valuation, a target market value of HKD 4.5 billion is set for 2025, corresponding to a target price of HKD 2.0, maintaining a "Buy" rating