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<Research Report>HSBC Research Trims CHINA OVS PPT (02669.HK) TP to $7.1; Profit Misses Growth Guidance
Recommend 5 Positive 6 Negative 9 |
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CHINA OVS PPT (02669.HK) reported decent 2023 results, with net profit rising 22% YoY, 3% and 10% lower than the expectations of HSBC Global Research and the market, HSBC Global Research issued a research report saying. Dividend payout stabilized at 31%, with the annual dividend increasing by 17% to $14 cents per share. However, CHINA OVS PPT's results seem to have disappointed the market, as it missed its long term growth guidance. HSBC Global Research lowered its EPS forecasts for 2024/ 2025 by 9.8%/ 10% respectively, which is expected to weigh on the share price in the short term. However, CHINA OVS PPT is still one of the few state-owned enterprises (SOEs) that can maintain solid net profit growth. HSBC Global Research saw merit in its SOE background and strong third-party expansion, and trimmed its target price from $9.3 to $7.1, with rating at Buy. AAStocks Financial News |
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