share_log

大行评级|花旗:上调敏华目标价至10.5港元 上调2025至26财年盈测

Big Bank Rating | Citibank: Raise Minhua's target price to HK$10.5 and increase earnings forecast for the 2025-26 fiscal year

Gelonghui Finance ·  May 17 02:40

According to a report published by Citigroup, Minhua's main revenue and net profit for the 2024 fiscal year increased by 6.1% and 20.2%, respectively, to 18.411 billion yuan and 2.3 billion yuan, both exceeding expectations of 18.14 billion yuan and 2.23 billion yuan. The bank quoted Minhua's management as pointing out that although the company still faces the macro-challenges of slowing down the real estate market, the overseas business momentum seems to have outperformed the Chinese business after removing inventory. The company will continue to expand its market share, open new stores in low-tier cities, maintain an increase in the penetration rate of sofas in the Chinese market, and narrow the gap with the European and American markets.

The bank raised Minhua's profit forecast for the 2025 to 2026 fiscal year by 12% to 19%, mainly reflecting the bank's increase in its gross margin forecast. The target price was raised from HK$8.5 to HK$10.5, corresponding to 16 times the projected price-earnings ratio for FY2025, and rated “buy”.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment