Goldman Sachs·2026-02-28 09:40Investment Rating - The investment rating for Times Electric (03898) has been downgraded from "Buy" to "Neutral" by Goldman Sachs, with the target price raised from HKD 35.1 to HKD 43.9 [1] Core Insights - Goldman Sachs believes that the current valuation of Times Electric is reasonable, as the stock price has increased by 18% year-to-date and is currently trading at a projected price-to-earnings ratio of 11 times for 2026 [1] - The compound annual growth rate (CAGR) for earnings per share is expected to be 7% from 2026 to 2030 [1] - Times Electric reported preliminary results for the fiscal year 2025, with revenue and net profit reaching RMB 28.761 billion and RMB 4.105 billion, respectively, reflecting year-on-year growth of 15% and 11%, which were 1% lower and 3% higher than Goldman Sachs' expectations [1]