Core Viewpoint - Citigroup has raised its net profit forecasts for Hengan International for the years 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Group 1 - The upward revision in profit forecasts reflects insights gained from recent meetings, indicating that the company is expected to recover from a low base in the second half of this year, with a stable outlook for 2026 [1] - Citigroup has adjusted the valuation benchmark from 2025 to 2026, raising the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward price-to-earnings ratio of 11 times [1] - Despite the absence of significant structural improvements, Hengan International is still considered a yield-generating company with a yield of 5.4%, and Citigroup maintains a "Neutral" rating [1]
大行评级丨花旗：上调恒安国际目标价至27港元 上调2025至27年净利润预测