汇丰环球研究报告指出，华润万象生活(01209.HK) 上半年业绩符预期，核心利润按年增长15%。公司将上半年基本派息比率从36%提高至60%，并宣布特别股息，使派息比率达到100%。随着增长预期的重新校准及股价昨(27日)回调，汇研认为，对于寻求强劲有机增长、慷慨股东回报及消费复苏敞口的投资者，有关风险回报更为有利，维持“买入”评级，并预计大规模消费刺激政策，可能成为进一步估值重评的关键催化剂。
考虑到在管面积扩张放缓和增值服务压力，汇研对其2025至2027年收入预测下调6%至10%，将毛利率预测上调2.9至3.9个百分点，以反映商业营运的显著利润率扩张。期内核心利润预测相应下调0%至3%。
基于今明两年平均目标市盈率20.8倍不变，以及外汇预测更新，汇研对其目标价从42港元上调至44港元。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-27 16:25。)
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