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<Research>JPM Cuts 2025 Home Appliance Sector Growth Forecast to 5%, HAIER SMARTHOME TP to $31 w/ Rating Overweight
Recommend 13 Positive 10 Negative 13 |
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China's extended and expanded trade-in policy for home appliances is a positive policy move, JPMorgan said. However, home appliance stocks outperformed the market by 25% last year, and the PE ratio of 25% was re-rated to a projected PE ratio of 11.1x. Therefore, broker was concerned that the market expectations may have run ahead. The broker cut its growth forecast for China's home appliance industry this year to 5% YoY, lower than the market consensus of 9-12%, implying that the industry's earnings risks. JPMorgan downgraded MIDEA GP(000333.SZ), GREE APPLIANCES(000651.SZ) and HAIER SMART HOME(600690.SH) from Overweight to Neutral, leaving HAIER SMARTHOME's H-shares (06690.HK) as its only Overweight stock due to the valuation discount and the market's excessive concern over US tariffs. The following table presents JPMorgan's latest ratings and target prices for home appliance stocks: Stock│ Rating│ TP HAIER SMARTHOME (06690.HK)│Overweight│$38->$31 HAIER SMART HOME(600690.SH)│Overweight->Neutral│RMB37-> RMB30 MIDEA GP(000333.SZ)│Overweight->Neutral│RMB88-> RMB69 GREE APPLIANCES(000651.SZ)│Overweight->Neutral│RMB54-> RMB44 AAStocks Financial News |
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