Damo lowered the profit forecast for Tongrentang Sinopharm (03613) for 2024-30 by 8%-13%.
The Zhitong Finance App learned that Damo released a research report stating that the basic target price for Tong Ren Tang Sinopharm (03613) was reduced by 7% to HK$17; the target price for the most “bullish” (the most optimistic) was reduced by 8.7% to HK$19 from HK$20.8; while the target price for the most “bear” (the most pessimistic) was lowered by 9.6% to HK$8.5, the investment rating “increased”. The company's risk-return has been upgraded; following initial disclosure of profit in 2023, the bank lowered its 2024-30 profit forecast by 8%-13%, mainly due to a decline in sales in mainland China.