花旗：升恒安国际目标价至27港元 评级“中性”

Core Viewpoint - Citigroup has raised the net profit forecasts for Hengan International (01044) for 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 expectations of a recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has increased the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times [1] - The company is viewed as a yield stock with a yield of 5.4%, and Citigroup maintains a "Neutral" rating due to the absence of significant structural improvements [1]