2023: Results In Line; Clearer Growth Path Ahead
CR Land’s core attributable net profit increased 2.9% yoy to Rmb27.8b, of which 34.4% was contributed by recurring income. DPS was Rmb1.44, with a stable payout ratio of 37%. Despite a challenging environment: a) the DP business stayed in relatively good shape, and b) the CR IP brand saw strengthened competitiveness. Management continues to aim for steady earnings growth in 2024 and for new growth from the asset management business. Trim earnings. Maintain BUY and TP of HK$42.39.
