Minhua Holdings (01999) rose more than 6%. As of press release, it rose 5.77% to HK$7.33, with a turnover of HK$220 million.
The Zhitong Finance App learned that Minhua Holdings (01999) rose more than 6%. As of press release, it had risen 5.77% to HK$7.33, with a turnover of HK$220 million.
According to the news, Minhua Holdings announced its annual results for the year ended March 31, 2024, with total revenue of HK$18.799 billion, up 5.68% year on year; profit attributable to equity owners of the company was HK$2.32 billion, up 20.23% year on year. The company plans to pay a final dividend of HK15 cents per share, compared to 10 cents in the same period last year.
Bank of America Securities pointed out that the company's performance for the 2024 fiscal year was better than expected, mainly driven by improved profit margins. Since the mainland government introduced a series of support measures at the end of April, the market currently expects the real estate policy to be further relaxed. Bank of America expects Minhua to benefit from improved market sentiment. Currently, it basically maintains its forecast for the 2025 fiscal year, and expects revenue and profit to increase by 9%. The “Buy” rating was reaffirmed, and the target price was raised to HK$10. In addition, CICC and Citibank raised their target prices to HK$9 and HK$10.5 respectively.