花旗：升建滔集团目标价至45港元 盈利预告略超预期 维持“买入”评级

Core Viewpoint - Citigroup's report indicates that Kintor Group (00148) has issued a positive profit forecast for 2025, expecting a net profit increase of over 165% to exceed 4.32 billion HKD, slightly outperforming expectations [1] Financial Projections - Citigroup has raised its core earnings forecasts for Kintor Group for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively [1] - The target price for Kintor Group has been increased from 36 HKD to 45 HKD, which corresponds to a projected price-to-earnings ratio of approximately 12 times for 2026, up from about 10 times, and is 2 standard deviations above the average [1] Business Performance - The positive profit forecast is primarily driven by investment income, with an estimated 1.35 billion HKD generated from investments in major blue-chip stocks listed on the Hong Kong Stock Exchange [1] - Despite the overall positive outlook, the core profit growth for the second half of 2025 is expected to accelerate to 11.9% year-on-year, compared to 4% in the first half of 2025, mainly due to a stronger recovery in the profit margins of the copper-clad laminate business [1] - The performance of the chemical industry is expected to be pressured by weak macroeconomic conditions in China and low oil prices, which may offset some of the gains in profit margins [1] Comparative Analysis - Citigroup expresses a preference for Kintor Laminates (01888) over Kintor Group, as the profit increase for Kintor Group is mainly driven by investment income rather than operational performance [1]