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<Research Report>Citi Drops CHINA OVS PPT (02669.HK) TP to $7, Eyes Sector Top 3 Competitiveness
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CHINA OVS PPT (02669.HK)'s share price has grossed decline of 24.5% since disclosing 2023's results, probably due to a slowdown in 2H23's profit, which grew 6.6% YoY, as well as a feeble value-added services (VAS), Citi Research wrote in a report. The company's management is focusing on top three competitiveness in the industry and may review the 30% dividend policy in light of shareholder demand, committed to delivering double-digit profit growth. The broker maintained a Buy rating on the company. With 2023's result 5% lower than expected and more conservative target of the management, the broker cut its profit forecast for 2024 and 2025 by 15-19%, while dropping its target price from $8.8 to $7. AAStocks Financial News |
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