Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a 7% year-on-year decline when adjusted for one-time expenses related to production increases in Indonesia and the Philippines [1] Financial Performance - The company's net profit, after excluding a one-time expense of $7 million, would be $85.6 million, reflecting a 7% year-on-year decrease [1] - The report highlights a high base effect from last year, where 1 million pairs of shoes were shipped early in the first half, impacting year-on-year comparisons [1] Earnings Forecast - Daiwa has lowered its earnings per share forecast for the company by 2% to 5% for the next two years, considering the impact of production increases and temporary tariff support for specific clients [1] - The target price for the stock has been raised from HKD 17 to HKD 20, based on an average earnings forecast of 12 times for the next two years [1] Dividend Outlook - The company is expected to maintain an attractive dividend yield of 10 cents per share over the next two years, unless it decides to use the funds for share buybacks [1] - An additional profit distribution of $60 million per year is anticipated, contributing to the dividend outlook [1] Growth Projections - The company is expected to announce a three-year net profit growth plan during its third-quarter earnings release, with a projected compound annual growth rate target in the high single digits for the period from 2026 to 2028 [1]
大和：维持九兴控股(01836)“买入”评级 上调目标价至20港元