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<Research>Citi Axes NONGFU SPRING (09633.HK) TP to $37.35; Expects 2H24 Growth to Stay Resilient
Recommend 6 Positive 6 Negative 7 |
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Citi Research commented in a report that NONGFU SPRING (09633.HK) logged an 8% YoY increase in net profit during 1H24, while revenue also rose 8%. The 63% growth in tea beverage EBIT largely mitigated the negative impact of a 28% YoY decline in packaged water EBIT. The broker projected the group's growth to remain strong in 2H24, with packaged water sales expected to recover to 5% YoY and beverage sales excluding packaged water expected to grow 13% YoY. Citi lowered its net profit forecasts on the group for 2024/25 by 6% and 7%, as well as its sales forecasts by 8% and 4%. The broker also expected the group's net profit margin to be stable at 27.8% in 2024. Citi chopped its target price on NONGFU SPRING from $60.15 to $37.35 and rated the stock Buy. The broker expected the company's controlling shareholders to resume share buybacks after the interim results announcement. AAStocks Financial News |
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