Group 1 - The core viewpoint of the article is that the Chinese perfume market is expected to experience a compound annual growth rate (CAGR) of 14% from 2023 to 2028, according to a report by Sullivan [1] - The company Ying Tong Holdings (06883) is positioned to benefit from this growth, being the third-largest perfume group by sales in Greater China [1] - The report initiates a "buy" rating for Ying Tong Holdings with a target price of HKD 3.82, based on a projected price-to-earnings ratio of 13 times for the next 12 months [1] Group 2 - The forecast for Ying Tong Holdings indicates a sales growth of 17% and a net profit growth of 27% for the fiscal year ending March 2026 [1] - From fiscal years 2026 to 2028, the company is expected to achieve a CAGR of 16% in sales and 25% in net profit, with net profit margin increasing from 11.1% in fiscal 2026 to 13% in fiscal 2028 [1] - The growth is attributed to market share expansion in perfumes and other categories, as well as the expansion of direct-to-consumer (DTC) channels [1]
里昂：首予颖通控股跑赢大市评级 目标价3.82港元