Core Viewpoint - UBS has downgraded the earnings per share forecast for Far East Horizon (03360) by 12% to 15% for the years 2025 to 2027 due to equity expansion and weakened profit contributions from its subsidiary HCD, while raising the target price from HKD 7.4 to HKD 8.8, maintaining a "Buy" rating [1] Financial Performance - Far East Horizon's net profit for the first half reached RMB 2.164 billion, a year-on-year increase of 4%, aligning with management's previous guidance for stable earnings in 2025 [1] - Operating profit decreased by 13% year-on-year, significantly impacted by the industrial business, although the core financing leasing business showed signs of recovery [1] Dividend Policy - The company announced an interim dividend of HKD 0.25 per share, unchanged from the same period last year [1] - Management has committed to a progressive dividend policy, expecting the total dividend for the fiscal year 2025 to remain at HKD 0.55 per share, consistent with the fiscal year 2024 [1]
瑞银：升远东宏信目标价至8.8港元 评级“买入”