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Market Chatter: Citigroup Cuts Planned Promotions Amid Overhaul
Citi: Maintains hengan int'l 'Neutral' rating, target price lowered to 21.1 HKD.
Citi's research report states that it maintains a "neutral" rating on Hengan International (01044), lowering the net profit forecast for 2024 to 2026 by 15% to 17% to reflect weakening sales and profit prospects in the industry downturn and intense price competition. The target price is lowered from HK$25 to HK$21.1, equivalent to a forecast PE ratio of 9 times next year. The bank mentioned that it recently met with Hengan International management and believes that due to intense price competition, operational deleveraging, and reduced government subsidies, the company's sales and profit margins in the second half of the year will be more challenging than the first half. However, the management maintains the fixed annual dividend at HK$1 per share.
Citigroup Options Spot-On: On November 25th, 161.35K Contracts Were Traded, With 2.33 Million Open Interest
Sector Update: Financial Stocks Rise Monday Afternoon
Sector Update: Financial
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President Trump 2024-2028
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