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Yamato: Target price for Taobo (06110) “Buy” rating reduced to HK$6.6
The Zhitong Finance App learned that Yamato released a research report stating that it lowered its earnings forecast for Taobo (06110) per share for the current fiscal year and the next fiscal year by 11% to reflect weak consumer sentiment in China. The bank lowered Taobo's target price from HK$7 to HK$6.6, while confirming the “buy” rating. It viewed the stock as an attractive dividend dividend stock, and benefited from a recovery in basic factors. The bank said that the company's total retail sales value has declined year on year since the current fiscal year, due to last year's high base and delayed launch of new products, even though sales have improved month-on-month since May. Management is still confident in the current fiscal year's sales growth target. The overall discount from the current fiscal year to date has been slight compared to the previous year
Changes in Hong Kong stocks | Taobo (06110) fell more than 7% in early trading, UBS says earnings for FY2024 were weaker than expected, and recent sales trends were weak
The Zhitong Finance App learned that Taobo (06110) fell more than 7% in early trading. As of press release, it was down 5.83% to HK$5.17, with a turnover of HK$57.4037 million. According to the news, Taobo announced its annual results for the year ended February 29, 2024, with revenue of RMB 28.933 billion, up 6.9% year on year; profit attributable to the company's equity holders was RMB 2,213 billion, up 20.5% year on year. Bank of America Securities previously stated that it would lower Taobo's earnings per share forecast for the 2024 and 2025 fiscal years by 8% and 7%, respectively. Mainly based on the lower revenue assumption due to the restructuring of its Neo stores,
Big Bank Ratings | UBS: Lowering Taobo's Target Price to HK$7.3, Lowering Earnings Per Share for FY2025-27
According to a report published by UBS, Taobo's profit for the 2024 fiscal year was weaker than expected. Net profit for the second half of the fiscal year ending at the end of February this year increased 27% year-on-year, 7% lower than the bank's forecast. The reason was that revenue, gross margin, and operating expenses did not meet expectations, but were partially offset by lower tax rates. Due to the high base effect from January to February, revenue for the second half of the 2024 fiscal year increased 7% year-on-year, 3% lower than the bank's forecast. According to UBS, the earnings forecast per share for the 2024-2027 fiscal year was lowered by 3% to 4% due to lower earnings expectations for the 2024 fiscal year and weak recent sales trends. The bank reduced its target price from HK$7.5 to HK$7.3,
[Broker Focus] Guoxin Securities maintains Taobo (06110) “buy” rating indicates that the company maintains a high dividend rate of 100% or more
Jinwu Financial News | Guoxin Securities released a research report that Taobo (06110)'s revenue for the 2024 fiscal year increased 6.9% year-on-year to 28.93 billion yuan; based on retail-driven, new product-driven, multi-brand recovery, and simultaneous global channel growth, it achieved high-quality growth. Profit margins increased steadily, and net profit to mother was +20.5% YoY to 2.21 billion yuan. According to the bank, gross margin increased 0.1 percentage points to 41.8% year on year, driven by the company's improved discount rate and increased share of retail revenue; benefiting from positive operating leverage, the overall expense ratio fell 1.0 percentage points to 32.8%; net cash flow from operating activities
Guoxin Securities: Maintaining Taobo's (06110) “Buy” Rating and Lowering Reasonable Valuation to HK$6.8-7.2
Guoxin Securities expects Taobo (06110)'s net profit for the 2025-2027 fiscal year to be 23.0/25.1/270 billion yuan, respectively.
[Broker Focus] BOC International reaffirms Taobo's (06110) purchase rating, indicating that its 2024 results are in line with expectations
Jinwu Financial News | According to BOC International Development Research Report, Taobo (06110)'s sales and net profit for the 2024 fiscal year increased 6.9%/20.4% year-on-year, 3% lower than the consistent forecast. Sales increased 6.5% year over year in the second half of fiscal year 2024 (7.3% in the first half), and net profit growth accelerated to 26.5% year over year (16.7% in the first half of the year). Taobo's dividend payout ratio reached 101%, averaging 107% over the past three years, and the dividend rate reached 7%. According to the bank, the main brands maintained steady growth in the second half of the year, with a year-on-year increase of 6% (7% in the first half of the year), while other brands grew faster, increasing year-on-year
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