JOINN-Waiting longer for recovery to materialize

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Joinn Laboratories (6127 HK) Waiting longer for recovery to materialize Target Price HK $10.36 Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked (Previous TP HK$ 14.41) attributable net loss of RMB272mn, a significant downturn from an attributable Up/Downside 24.6% net profit of RMB188mn in 1Q23. The 1Q24 revenue accounted for 13.4% of Current Price HK$8.31 our full-year estimate, in line with its historical a ...