Group 1 - The core viewpoint of the report indicates that VTech's mid-year performance for the fiscal year 2026 showed a decline in revenue and net profit by 9% and 14.5% year-on-year, reaching USD 991 million and USD 74.7 million respectively, which slightly missed the expectations of Citigroup [1] - The management's guidance for the fiscal year 2026 aligns broadly with expectations, leading Citigroup to raise the target price from HKD 62 to HKD 76, maintaining a "Buy" rating [1] - The forecast for the price-to-earnings ratio for the fiscal year 2027 has been increased to 15 times, reflecting a more optimistic trend in gross margin expansion [1] Group 2 - Citigroup views any potential stock price decline due to the slightly disappointing performance as a buying opportunity [1]
大行评级丨花旗：上调伟易达目标价至76港元 评级“买入”