Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price of HKD 5.6 [1] Core Viewpoints - The company reported a revenue of HKD 1.65 billion for FY24H1, representing a 74% year-on-year increase. Gross profit was HKD 580 million, up 57%, and net profit reached HKD 290 million, a 66% increase. Adjusted net profit was HKD 320 million, reflecting a 70% growth [1] - The company plans to distribute a dividend of RMB 0.0417 per share, with a payout ratio of approximately 30% [1] - The growth in revenue is attributed to a 64% increase in comprehensive education services, driven by a rise in high school student enrollment and a significant recovery in study tour services post-pandemic [1] - The restaurant operations generated HKD 290 million, a 20% increase, due to a rise in the number of students served [1] - Sales of products reached HKD 470 million, a remarkable 189% increase, including sales of student supplies through an online campus mall [1] Financial Projections - The report projects revenues for FY24-26 to be HKD 3.2 billion, HKD 4.6 billion, and HKD 6.2 billion respectively. Adjusted net profits are forecasted to be HKD 640 million, HKD 900 million, and HKD 1.25 billion for the same periods [2] - Earnings per share (EPS) are expected to be HKD 0.30, HKD 0.42, and HKD 0.58 for FY24-26, with corresponding price-to-earnings (PE) ratios of 17X, 12X, and 9X [2]
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