CICC: Maintains Longfor Group (00960.HK) Outperform rating, target price of 11.5 Hong Kong dollars.

According to the Choicify Financial APP, CICC released a research report stating that, considering the significantly improved market risk preference, Longfor Group (00960.HK) has strengthened its financial security, maintaining outperformance in the industry with a target price of 11.5 Hong Kong dollars, corresponding to 0.46 times the target P/B for 2025 and 9% upside potential. The company is trading at 0.4 times 2025 P/B and a 1.1% dividend yield (assuming a full-year dividend payout ratio of 34%). The company announced its 1H25 performance, with revenue increasing by 25% year-on-year to 58.75 billion yuan, mainly due to the increase in development settlement scale; core net profit attributable to shareholders was 1.38 billion yuan, in line with market expectations. The company declared a mid-2025 dividend of 0.07 yuan per share, with a slight increase in the dividend payout ratio to 34.2%.