Core Viewpoint - Bank of America Securities forecasts that Hengan International's revenue will grow by 1% year-on-year to 10.9 billion yuan in the second half of 2025, driven by improvements across its three main business segments [1] Revenue Growth - Tissue sales are expected to increase by 5% year-on-year, accelerating from 3% growth in the first half of the year [1] Profitability - The gross margin for the second half of the year is anticipated to improve to 33.1%, primarily due to better product mix and normalization of raw material costs in the tissue business [1] Earnings Forecast - Core net profit forecasts for 2025 and 2026 have been revised down by 3% and 1% respectively [1] Valuation - Target price has been raised by 18% to 30 HKD, with the target price-to-earnings ratio increased to 13 times based on improved industry competitive landscape [1] Investment Rating - Despite the lack of long-term growth drivers, the company offers a decent dividend yield, maintaining a "Neutral" rating [1]
大行评级丨美银：上调恒安国际目标价至30港元，预期去年下半年三大业务板块均持续改善