2023: Results Beat With Higher Payout Ratio; Pursuing High-quality Growth
CR Mixc’s attributable net profit grew 32.8% yoy, beating expectations. The payout ratio jumped to 55% without special dividends. Operating efficiency improved further, and expansion of third-party shopping malls remains robust. Management hints that the dividend payout ratio may rise further in the future, with a conservative outlook for a retail sales recovery. Raise 2024/25 earnings by 4.2%/4.7% respectively. Maintain BUY. Target price: HK$33.20.
