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<Research>JPM Trims CHINA OVS PPT (02669.HK) TP to $3.7, Downgrades Rating to Underweight
CHINA OVS PPT (02669.HK) issued a profit warning estimating 2025 net profit to decline by 9-10% YoY, compared to a 5% YoY increase in the expectations of JPMorgan and the market, t...
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<Research>JPM Trims CHINA OVS PPT (02669.HK) TP to $3.7, Downgrades Rating to Underweight
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CHINA OVS PPT (02669.HK)  +0.020 (+0.499%)    Short selling $2.27M; Ratio 6.560%   issued a profit warning estimating 2025 net profit to decline by 9-10% YoY, compared to a 5% YoY increase in the expectations of JPMorgan and the market, the third disappointment for investors since the Company engaged in related party transactions in 4Q23 and 1Q24 results miss, JPMorgan said.

The broker forecasted that CHINA OVS PPT's 2025 net profit will fall by 10% YoY, with a further 2% YoY decline in 2026 and 2027 due to margin pressure.

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JPMorgan believed that the Company might increase its dividend payout ratio by 4 ppts to 40%, maintaining a flat YoY DPS to compensate investors.

However, the dividend yield of only 3.8% remains unattractive compared to the industry average of 4.6%. Therefore, JPMorgan downgraded CHINA OVS PPT from Overweight to Underweight, and trimmed its target price from $7 to $3.7.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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