Core Viewpoint - Citigroup has raised its net profit forecasts for Hengan International (01044) 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] Summary by Categories Financial Forecasts - The upward revisions in net profit forecasts are attributed to expectations of recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has adjusted the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times for the next year [1] Company Valuation - The valuation adjustment reflects a shift from a 2025 rolling basis to a 2026 basis, using a sum-of-the-parts valuation method [1] - Hengan International is viewed as a yield-generating company with a yield of 5.4%, despite the absence of significant structural improvements [1] Analyst Rating - Citigroup maintains a "Neutral" rating on Hengan International [1]
花旗：升恒安国际(01044)目标价至27港元 评级“中性”