Core Viewpoint - The company Coca-Cola European Partners Limited projects an approximate 7% growth in operating profit for the fiscal year 2026 [1] Group 1 - The company anticipates a steady increase in operating profit, indicating positive financial health and growth potential [1] - The projected growth rate reflects the company's strategic initiatives and market positioning within the beverage industry [1] - This outlook may influence investor sentiment and market performance, highlighting the company's resilience in a competitive landscape [1]

Core Insights - Safran Group reported a revenue of €31.329 billion for 2025, representing a year-on-year growth of 14.7% [1] - The company anticipates a revenue growth of 12% to 15% for 2026 [2] - The net profit attributable to shareholders for 2025 is nearly €3.2 billion, with a year-on-year increase of 3.5% [1] Financial Performance - Adjusted recurring operating profit for 2025 is approximately €5.2 billion, reflecting a year-on-year growth of 26.2% [1] - Operating profit margin reached 16.6%, exceeding the previous target of 15.1% [1] - The company plans to propose a dividend of €3.35 per share for the fiscal year 2025, a 16% increase from the previous year [1] Future Projections - For 2026, the target is to achieve a recurring operating profit of €6.1 billion to €6.2 billion [2] - The 2028 performance targets have been raised, with expected recurring operating profit reaching €7 billion to €7.5 billion, surpassing the earlier target of €6 billion to €6.5 billion [2] - The average annual revenue growth rate for the period from 2024 to 2028 has been adjusted to approximately 10%, with cumulative free cash flow projected at around €21 billion [2]

Core Viewpoint - The company is expected to achieve low double-digit growth in comparable operating profit for Q2 2025, aligning with market expectations, despite the impact of government subsidies in Q2 2024 on its U.S. business [1][2]. Group 1: China Business - In Q2 2025, the company's meat product sales are anticipated to stabilize year-on-year, with a notable reduction in losses from the breeding business due to decreased feed costs and internal efficiency improvements [1]. - The meat product segment is projected to see a year-on-year increase in profit per ton, benefiting from cost reductions, despite a 3% decline in the overall meat product industry GMV in April-May 2025, with the company's GMV down by only 1% [1]. - The slaughtering business is expected to face pressure in Q2 2025 due to a high profit base from the same period last year [1]. Group 2: U.S. Business - The comparable operating profit for the meat product business in the U.S. is expected to improve in Q2 2025, with slight increases in both sales volume and profit per ton attributed to internal efficiency enhancements [2]. - The breeding business is forecasted to see year-on-year profit improvements due to strong demand for animal protein and rising prices of other meat proteins, with live hog prices increasing by 16% year-on-year and 20% month-on-month [2]. - The slaughtering business is supported by strong domestic and import demand, with the U.S. pork price spread increasing by 10.3% year-on-year [2]. Group 3: European Business - The company anticipates continued year-on-year profit growth in Q2 2025 for its European operations, driven by internal efficiency and product structure optimization [2]. - The overall profitability of the pork business in Europe is expected to remain stable compared to the same period last year [2]. Group 4: Profit Forecast and Valuation - The company maintains its core net profit forecasts for 2025 and 2026 at $1.614 billion and $1.683 billion, respectively, trading at 8.1x and 7.8x P/E for those years [2]. - The target price is set at HKD 8.56 per share, corresponding to 8.7x and 8.4x P/E for 2025 and 2026, indicating a potential upside of nearly 7.8% [2].