智通财经网·2025-08-14 09:14Group 1 - The core viewpoint of the report is that DBS has downgraded the revenue forecast for Master Kong Holdings (00322) for 2025 and 2026 by 4%, while raising the gross margin forecast by over 1 percentage point, particularly in the ready-to-drink beverage segment [1] - DBS 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 bank anticipates a compound annual growth rate (CAGR) of 10% for Master Kong from 2024 to 2026 [1] Group 2 - DBS has raised its profit forecasts for Master Kong by 5% and 1% for the next two years, reflecting an increase in other income [1] - The "buy" rating for Master Kong is maintained, with the target price adjusted from HKD 14.6 to HKD 14.1, based on a target price-to-earnings ratio of 17 times [1]