SUNEVISION(HK:01686) 智通财经网·2025-09-08 02:48Group 1 - Goldman Sachs has lowered the target price for Neway Group (01686) from HKD 10.9 to HKD 10 while maintaining a "Buy" rating [1] - For the second half of fiscal year 2025, EBITDA is projected to be HKD 1.068 billion, with earnings per share (EPS) at HKD 0.1217, reflecting a 9% decrease in EBITDA compared to expectations due to an 11% shortfall in revenue, partially offset by a 2 percentage point increase in EBITDA margin [1] - The effective tax rate is approximately 15%, lower than the expected 16%, and depreciation and amortization are below expectations [1] Group 2 - The final dividend per share is set at HKD 0.12, which is 13% lower than the forecast, with an annual payout ratio of approximately 46%, down from the expected 50% [1] - The company has revised revenue forecasts for fiscal years 2026 and 2027 down by 11% and 13% respectively, with EPS estimates reduced by 12% and 16% [1] - The anticipated payout ratio for fiscal years 2026 to 2028 is expected to remain at 46%, previously estimated at 50%, with projected EPS and dividend per share for 2028 at HKD 0.37 and HKD 0.17 respectively [1]