Core Viewpoint - UBS has revised its earnings forecast for China Cinda (01359) after the company released its first half financial report, lowering its earnings per share estimates for the next two years by 53% and 60% respectively, while maintaining a "Neutral" rating on the stock and slightly reducing the 12-month target price from HKD 1.45 to HKD 1.42, implying a projected price-to-book ratio of 0.31 times for 2026 [1] Group 1 - The core non-performing asset management business of China Cinda remains a significant operational drag [1] - Weak market sentiment has led to suboptimal disposal turnover and ongoing asset quality risks [1] - According to management guidance, the existing business's asset quality risks may take another year to digest [1] Group 2 - UBS forecasts that China Cinda's net profit will begin to recover moderately starting in 2026, primarily due to stabilization in asset quality [1]
瑞银：微降中国信达(01359)目标价至1.42港元 重申“中性”评级