Damo: Further relaxation of mortgage policies to help high-quality state-owned enterprises in the real estate sector is expected to benefit, recommend China Resources Land (01109), etc.

The Zhitong Finance App learned that Damo released a research report saying that the reduction in mortgage interest rates is in line with the bank's and market expectations, but due to the impact of trade tariff pressure, the boosting effect of housing sales may require careful evaluation. Damo said that maintaining the industry's cautious attitude, it is recommended to adopt a defensive strategy and select high-quality state-owned enterprises with good development prospects.

<spanleaf="> <spanstyle="color: rgb (217,33,66) "textstyle="> Specific recommendations: one is consumer benefit stocks, such as CR Land (CR Land) and CR Mixc (CR Mixc); the second is high-dividend ratio stocks, such as C&D (C&D) and Greentown (Greentown) Management). </spanstyle= "color: rgb (217,33,66)" textstyle= "" > </spanleaf= "" >

<spanstyle="font-weight:bold"textstyle="> China Resources Land (01109): The estimated net asset value (NAV) per share in 2025 is HK$47.96, which includes HK$17.40 for development properties (cash-flow discount method, weighted average cost of capital 9.0%), HK$32.72 for investment properties (capitalization ratio 6-9%), and HK$2.25 net debt. According to the developer's score card (which includes a land reserve score of 7/10, execution, scale, growth, profitability, financing capacity, and leverage ratio), the bank gave it a 30% discount. Among the companies covered by this line, a 25-55% discount margin is usually used. <spanleaf="></spanleaf= "" > </spanstyle= "font-weight: bold" textstyle= "" >

<spanleaf=">China Resources Vientiane Life (01209): Valuation based on 20 times the 2026 projected price-earnings ratio (P/E). The target price-earnings ratio comes from an industry score card based on seven indicators: total floor area (GFA) growth prospects, parent company developer strength, financial status and cash flow, revenue quality, service quality, profitability, and incentive mechanisms. The higher the company's score, the higher the target price-earnings ratio multiplier. <spanleaf="></spanleaf= "" > </spanleaf= "" >

<spanleaf="> C&D International Group (01908): An estimated NAV of HK$32.55 per share in 2025 includes HK$31.69 for development properties (cash-flow discount method, weighted average cost of capital 9.6%), other business value of HK$1.01, and net debt of HK$0.15. According to the bank's developer score card (land reserve score 7/10, execution, scale, growth, profitability, financing capacity, and leverage ratio), the bank gave it a 40% discount. Among the companies covered by Damo, the discount range is usually between 25-55%. <spanleaf="></spanleaf= "" > </spanleaf= "" >

<spanleaf=">Greentown Management Holdings (09979): Under basic circumstances, apply a target price-earnings ratio of 9 times the estimated 2025 earnings per share (EPS). Damo's target price-earnings ratio comes from three groups of comparable companies: one is real estate developers and managers; the second is other listed real estate project management companies, such as Central China Management (Central China Management); and the third is a construction consulting company. These are all based on estimates of companies covering the real estate industry. </spanleaf= "" >