Core Viewpoint - UBS reports that Yue Yuen's management team indicates a cautious ordering attitude from OEM customers amid demand fluctuations, with expectations of benefiting from product mix upgrades leading to an estimated year-on-year increase in average selling prices in Q4 2025 [1] Group 1: Demand and Sales Performance - OEM customers are maintaining a cautious approach to orders, pushing demand for Q1 2026 to Q4 2025 [1] - Retail sales decline in the second half of last year is expected to narrow compared to the first half, with online sales outperforming offline sales [1] - Inventory levels remain healthy, and discounts in Q4 have improved compared to the first three quarters [1] Group 2: Financial Projections - The estimated year-on-year growth for average selling prices in Q4 2025 is anticipated, although last year's overall growth is projected to be low single digits [1] - Some of the price increase may be offset by shared tariff costs with customers [1] Group 3: Target Price and Rating - UBS raises the target price for Yue Yuen from HKD 18.4 to HKD 20.3, maintaining a "Buy" rating [1]
大行评级｜瑞银：上调裕元集团目标价至20.3港元 评级“买入”