Citi raised Nongfu Spring's (09633) net profit forecast for the 2024 and 2025 fiscal years by 6% and 5%.
The Zhitong Finance App learned that Citi released a research report saying that in order to reflect that Nongfu Spring (09633)'s performance for the 2023 fiscal year was better than expected, it was decided to raise the company's net profit forecast for the 2024 and 2025 fiscal years by 6% and 5%, respectively. The bank expects that Nongfu Spring's 2024 segment sales for packaged water, tea drinks, functional drinks, and juice will increase by 11%, 31%, 19%, and 19%, respectively. The target price will be raised from HK$59.4 to HK$60.15, maintaining the “buy” rating.