First Read: CR Mixc "2026 AIC: SSSG guidance of mid-to-high single digit in..."

研报英文原文证据摘录

First Read: CR Mixc "2026 AIC: SSSG guidance of mid-to-high single digit in..."

Forecast returns

Forecast price appreciation 26.3%

Forecast dividend yield 4.6%

Forecast stock return 30.8%

Market return assumption 10.9%

Forecast excess return 19.9%

Company Description

China Resources Mixc Lifestyle Services was established in 1994 as part of CR Land, providing

property management services to properties developed and/or owned by CR Land. The

company has grown into a leading property management and commercial operational service

provider in China. As of end 2024, the company managed 396m sqm of residential GFA

under management, and provided commercial operational services to 122 shopping mall

projects, with 12.7m sqm of GFA under management.

Valuation Method and Risk Statement

Our valuations for China property management service providers are based on 2026E PE

multiples.

We believe the key upside risks for CR Mixc include: 1) CR Land becoming more aggressive in

shopping mall development, driving GFA growth for CR Mixc's commercial management

services; 2) stronger-than-expected growth in retail sales; and 3) CR Land achieving faster-

than-expected contract sales and property delivery, driving property management GFA

growth and sales-related VAS for CR Mixc. Key downside risks for CR Mixc include: 1) a

negative macro environment, which could deteriorate retail sales, discourage developers to

pursue shopping mall developments, and affect CR Mixc’s expansion of its management

portfolio and tenant sourcing; and 2) the failure to enhance or maintain its high occupancy

rate due to inappropriate positioning, which could deteriorate profitability of mall

management.

First Read: CR Mixc 26 May 2026 ab 2