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Jefferies Adjusts Yihai International Holding's Price Target to HK$13 From HK$14.10, Keeps at Hold
[Brokerage Focus] Soochow Securities maintains a buy rating on yihai intl (01579), with many bright spots in the business of related parties and third parties this year.
Jinwu Finance | Soochow Securities issued a research report, Yihai Intl (01579) achieved H1 revenue of 2.927 billion yuan, +11.9% year-on-year, including related party income of 0.989 billion yuan, +11.5% year-on-year, and third-party income of 1.938 billion yuan, +12.1% year-on-year; net income attributable to the mother company was 0.308 billion yuan, -13.85% year-on-year. The company plans to implement mid-term dividends for the first time, with cash dividends of 0.292 billion yuan and a dividend payout ratio of 95%. The company's net margin in H1 2024 was 10.5%, -3.1pct year-on-year, and the gross margin was 30%, -0.5pct year-on-year, with the primary cause of the decline in gross margin.
The Yihai International Holding Ltd. (HKG:1579) Interim Results Are Out And Analysts Have Published New Forecasts
UBS: Maintains a 'Neutral' rating for Yihai Intl, with a target price of HKD 11.3.
UBS Group released a research report stating that due to concerns about market demand and industry competition, it lowered its sales and net profit forecast for Yihai Intl (01579) for the full year by 1% and 8% respectively, expecting a 11% year-on-year growth and a flat year-on-year. The report expects that the company's business growth and profit margin still face certain challenges, but the downward space of the stock price is limited, maintaining a 'neutral' rating, with the target price lowered from HKD 14 to HKD 11.3. According to the report, the company's management expects double-digit year-on-year growth in revenue in the second half of this year, with the gross margin remaining flat year-on-year, and the trend of raw material costs being stable due to the continuation of the first half-year trend from July to August.
UBS maintains a "neutral" rating on Yihai International (01579) with a target price of HK$11.3.
UBS Group expects that the performance of the traditional peak season in September and October will be a key indicator for whether yihai intl (01579) can achieve its annual target.
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