Investment Rating - The investment rating for Far East Horizon (03360) is "Buy" [1] Core Insights - UBS forecasts that Far East Horizon's profit and earnings per share will grow by 8% and 6% respectively this year [1] - The target price for the stock has been raised from HKD 8.8 to HKD 9.1, with a projected price-to-book ratio of 0.72 times and a forecasted dividend yield of 6.5% [1] - Management expects the core financial leasing business operations to remain stable, prioritizing financial stability over growth [1] Financial Performance Expectations - The report maintains an optimistic outlook on the core business prospects, anticipating a rebound in profit growth to high single digits this year [1] - Factors contributing to this growth include moderate loan growth, a deceleration in financing costs leading to a rebound in loan spreads for non-SME loans, increased contributions from SMEs boosting asset return rates, and a low base effect from subsidiary Hongxin Jianfa (09930) [1] - There is also potential for a return to normal levels from the currently high effective tax rate of 50% [1]
远东宏信：上调对目标价至9.1港元，评级“买入”-20260318