TINGYI(HK:00322) Ge Long Hui·2026-01-09 08:07Core Viewpoint - Macquarie maintains an "outperform" rating for Master Kong, believing that the new management will focus on strict cost management and revenue recovery, leading the company to achieve sustainable growth starting in 2026 [1] Group 1: Financial Projections - Macquarie expects attractive dividend returns from Master Kong, with projected dividend yields of 7% and 8% for 2025 and 2026, respectively [1] - Based on confidence in strict operational cost control, Macquarie has raised its earnings forecasts for Master Kong by 2.1% for 2025 and 2026, and by 2.0% for 2027 [1] Group 2: Valuation - Macquarie maintains a target price of HKD 15, up from HKD 14.7, while keeping the valuation at 15 times the projected earnings for 2026 [1]