Core Viewpoint - UBS report indicates that Smoore International (06969) experienced a decline in mid-term net profit primarily due to increased equity compensation, rising sales and development expenses, and higher tax rates [1] Financial Performance - The management remains optimistic about revenue growth in the second half of the year, supported by favorable e-cigarette policies in the US and Europe [1] - The company’s short-term profitability is still impacted by higher R&D expenditures as it prepares to launch its own products in the US [1] Future Outlook - More specific financial results from new business segments such as heated tobacco, inhalation therapies, and beauty aerosol products are expected to be reflected by 2027 [1] - UBS has revised its earnings forecast for the company downwards by 10% to 33% for the years 2023 to 2027, reflecting increased sales, marketing, and R&D expenses [1] Target Price Adjustment - The target price for Smoore International has been reduced from HKD 14 to HKD 13.11, while maintaining a "Sell" rating [1]
瑞银：降思摩尔国际目标价至13.11港元 评级“沽售”