Core Viewpoint - UBS has raised its earnings per share estimates for Minmetals Holdings (01999) for the fiscal years 2026 to 2028 by 12%, 9%, and 11% respectively, indicating that negative factors have already been reflected in the stock price [1] Group 1: Earnings Estimates - UBS expects that the negative factors affecting Minmetals Holdings have been fully reflected in the stock price, leading to an upward revision of earnings estimates [1] - The revised earnings per share estimates for fiscal years 2026, 2027, and 2028 are increased by 12%, 9%, and 11% respectively [1] Group 2: Valuation and Target Price - The target price for Minmetals Holdings has been raised from HKD 4.3 to HKD 5.5, reflecting a more favorable outlook [1] - The rating has been upgraded from "Neutral" to "Buy," indicating increased confidence in the stock's performance [1] Group 3: Market Conditions - The report suggests that while a turning point in the Chinese market may take longer to materialize, the domestic real estate situation is not expected to lead to a downward revaluation [1] - The potential for increased demand from the U.S. due to interest rate cuts may provide upward momentum for both fundamentals and valuations [1] - Despite uncertainties from tariffs, there may be opportunities for market share growth, contributing to a more positive outlook for Minmetals Holdings [1]
瑞银：升敏华控股评级至“买入” 目标价上调至5.5港元