YUEXIU PROPERTY Rises for Four Consecutive Trading Days; CLSA Lifts TP to 5.5

YUEXIU PROPERTY (00123.HK) +0.080 (+1.762%) Short selling $13.86M; Ratio 12.919% has risen for four consecutive trading days. The stock opened flat today (11th) and once reached a peak of 4.67. It is now quoted at 4.62, up 1.76%, with turnover of 9.0537 million shares, involving HKD41.5706 million.CLSA said in a research report that YUEXIU PROPERTY has continued to replenish its land bank in tier-one cities in recent years, while monetising non-core, low-yield or early-stage assets to maintain balance sheet flexibility. The broker believes that as market conditions stabilise, the companys focus on land replenishment and portfolio optimisation in higher-tier cities will support future growth. It expects YUEXIU PROPERTY to be well positioned to capture upside from a recovery in tier-one cities. In addition, a potential capital injection for the Racecourse project in Zhujiang New Town, expected to be completed in early 2027, could serve as a share price catalyst.The broker noted that during the May Day Golden Week period, the company recorded contracted sales of RMB5.5 billion, representing YoY growth of over 50%. It believes the strong growth reflects the results of years of land bank optimisation and the recent stabilisation or initial recovery of the tier-one city markets. The company previously announced the disposal of assets including incubation-stage and non-core regional or non-core asset portfolios for a total consideration of RMB4.69 billion. It expects to record a net cash inflow of RMB4.46 billion and recognise disposal gains of approximately RMB108 million in 1H26.CLSA rolled forward its valuation basis to 2027 and lowered its TP PE from 14x to 11x, which is one standard deviation above the average forecast PE for 2019-2023. The broker raised its TP from 5.1 to 5.5 and maintained an Outperform rating. It expects earnings to improve from 2027 onward; it cut its 2026 core earnings forecast by 76.5% but raised its 2027 earnings forecast by 14.7%. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-08 16:25.)