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<Research>BofAS Cuts CHINA FEIHE (06186.HK) TP to $4.2, Keeps Neutral Rating
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CHINA FEIHE (06186.HK)'s revenue/ net profit dropped by 13%/ 46% YoY in 2025 and by 16%/ 45% in 2H25 respectively, missing BofA Securities' expectations, primarily due to channel destocking and operating deleverage, BofA Securities issued a research report saying. The broker lowered its 2026/ 2027 EPS forecasts for CHINA FEIHE by 10%/ 13% each, and cut its target price from $5 to $4.2, with rating kept at Neutral. The number of newborns in China fell by 17% YoY to 7.92 million last year, BofA Securities noted. It is expected to stabilize slightly this year, supported by a recovery in marriage registrations and cultural factors, but the incline will be limited. The demand for infant formula milk powder is still under pressure, with intense competition expected to persist in the short to medium term. The Company's channel adjustments are expected to be largely completed, but the benefits of its subsidy program may take time to materialize gradually. AASTOCKS Financial News Website: www.aastocks.com |
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