Zhi Tong Cai Jing·2025-08-14 09:16Core Viewpoint - DBS has downgraded the revenue forecast for Master Kong Holdings (00322) for 2025 and 2026 by 4%, while raising the gross margin forecast by 1 percentage point, particularly in the ready-to-drink beverage segment [1] Group 1: Revenue and Profit Forecasts - The bank expects Master Kong to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly benefiting from cost control [1] - The average annual compound growth rate for Master Kong from 2024 to 2026 is projected to be 10% [1] Group 2: Earnings Adjustments - DBS has raised its earnings forecasts for Master Kong by 5% and 1% for the next two years, reflecting an increase in other income [1] - The target price for Master Kong has been adjusted from HKD 14.6 to HKD 14.1, maintaining a "Buy" rating with a target price-to-earnings ratio of 17 times [1]