Haitong International expects the net profit of Master Kong Holdings (00322) to be 35.01/37.47/4.011 billion yuan in 2024-26, respectively.
The Zhitong Finance App learned that Haitong International released a research report stating that it maintains the “superior to the market” rating of Master Kong Holdings (00322). The estimated net profit for 2024-26 is 35.01/37.47/4,011 billion yuan, respectively, with a target price of HK$10.33-13.09. The company disclosed its 2023 annual results announcement, which achieved revenue of RMB 80.418 billion (YOY 2.16%) and realized net profit of RMB 3.117 billion (YOY 18.43%). In addition, the 23-year cash dividend was 3.117 billion yuan (corresponding dividend payment rate of 99.98%).
According to the report, in terms of business, the company's beverage business has accelerated the establishment of a scale advantage. Tea, juice, water, and carbonic acid categories have all achieved growth, followed the healthy sugar-free trend, and fully launched products such as sugar-free tea, unsweetened carbonated, and sugar-free coffee. In 2023, the instant noodle market faced changes such as a shift in consumption scenarios. The company continued to consolidate core products and develop innovative flavor products to meet the diverse needs of consumers. In 24 years, the company's instant noodle business continued to provide products with multiple price ranges, multiple specifications, and diverse flavors to meet the diverse needs of consumers and continue to promote the expansion of the industry; the company's beverage business continued to focus on core categories, provide happy and healthy products to serve the consumption needs of different scenarios, and accelerate the establishment of scale advantages.