August 27, 2025 05:29 PM GMT Our view: We acknowledge Nongfu's solid fundamentals and outlook, projecting earnings growth of 25% and 15% with sales growth of 18% and 15% in 2025 and 2026, respectively, baking in the assumption of margins staying at similar high levels in 2026 vs. 2025. We see limited upside in the near term as current valuation implies 1.6x PEG on the 2024-26 earnings CAGR (and on the low base in 2024). Nongfu Spring Co Ltd | Asia Pacific M Update Results Call Takeaways and Our Thoughts Key ...