Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Master Kong Holdings (00322) with a target price of HKD 12.7, citing strong growth potential driven by pricing strategies, cost advantages, and efficiency improvements [1][2] Group 1: Financial Performance and Projections - Master Kong aims to achieve double-digit year-on-year growth in recurring net profit for the fiscal year 2025, supported by favorable pricing base effects and cost efficiencies [1] - The management has reiterated a focus on improving profit margins while aiming to restore revenue growth and continue efficiency enhancement measures in 2026 [1] - Instant noodle sales have shown a recovery in positive growth since July 2025, with carbonated beverages also maintaining positive growth in the third quarter [1] Group 2: Cost Management and Pricing Strategy - The beverage business has benefited from favorable cost trends, with gross margins and overall profitability improving due to cost advantages [1] - Palm oil costs increased by 10% year-on-year in the third quarter but stabilized in October, easing compared to the first half of the year, which, along with price increases starting in 2024, is expected to drive margin expansion in 2025 [1] - Management indicated that while large-scale promotions were not conducted during peak seasons, they may reconsider pricing strategies for large-pack beverages if sales remain weak in 2026 [2]

Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Master Kong Holdings (00322) with a target price of HKD 12.7, highlighting the company's potential to achieve its profit targets for FY2025 due to favorable pricing, cost advantages, efficiency improvements, and strict promotional management [1][2]. Group 1: Financial Performance and Projections - Master Kong's management aims for double-digit year-on-year growth in recurring net profit for FY2025, supported by pricing base effects, cost benefits, and efficiency measures [1]. - The company expects to restore revenue growth and improve profit margins in FY2026, focusing on efficiency enhancements [1]. - Instant noodle sales have shown a recovery in positive growth since July 2025, with carbonated beverages also maintaining positive growth in the third quarter [1]. Group 2: Cost Management and Pricing Strategy - The beverage business has benefited from favorable cost trends, with gross margins and overall profitability improving due to cost advantages [1]. - Palm oil costs increased by 10% year-on-year in Q3 but stabilized in October, easing compared to the first half of the year, which, along with price increases starting in 2024, is expected to drive margin expansion in FY2025 [1]. - Management indicated that during peak seasons, large-scale promotions were not conducted, although some channels increased spending to address competition; if sales remain weak in 2026, the pricing strategy for large-pack beverages may be reassessed [2].

Core Viewpoint - DBS maintains a "Buy" rating for Master Kong Holdings (00322), lowering the target price from HKD 14.1 to HKD 13.5, with a target P/E ratio of 17 times based on a 7% dividend yield [1] Group 1: Sales and Market Position - Master Kong's instant noodles and 1-liter beverage products saw a decline in market share compared to competitors like Uni-President China (00220) and Nongfu Spring (09633) after price increases last year [1] - The company is expected to experience a slight decline in revenue this year, with a moderate recovery of 4% anticipated next year, driven by investments in refrigeration to enhance channel penetration and strategic growth in emerging channels, including e-commerce and retail membership [1] Group 2: Performance and Profitability - The company is projected to meet the lower end of its performance guidance this year, with instant noodle sales expected to decline in low single digits and beverage sales also slightly down [1] - Material cost trends are expected to remain generally favorable, with stable profit margins anticipated in the second half of the year despite a year-on-year increase in palm oil prices [1] - Overall, the earnings forecast for the company has been reduced by 4% and 1% for this year and next year, respectively, with a projected year-on-year profit increase of 6% after excluding one-time factors from the first half of the year [1]

Investment Rating - The report suggests maintaining attention on the company as it is expected to return to growth in 2025 [4] Core Viewpoints - The company is expanding its production capacity and continuing to grow its business in China by acquiring land for new facilities, with a total cost of RMB 30.68 million [1] - A new automated facility is planned to enhance production efficiency and meet the increasing demand from Chinese consumers, with an investment of no less than RMB 240 million [2] - The new factory is expected to be operational by 2029, contributing positively to the company's operational development and growth prospects [2] - The acquisition of land is strategically located near existing facilities, which will help create synergies and improve operational efficiency in the Greater Bay Area [3] Summary by Sections - **Investment Expansion**: The company has successfully bid for two plots of land in Zhuhai, Guangdong, for a total of RMB 30.68 million, aimed at constructing new production facilities [1] - **Production Capacity**: The new facility will utilize automation and efficient production processes to increase capacity and reduce unit production costs, addressing the evolving needs of consumers [2][3] - **Operational Efficiency**: The new automated facility is expected to enhance operational efficiency, reduce downtime, and optimize resource utilization, thereby lowering production costs [3] - **Market Positioning**: The company has a strong brand presence and is adapting to new consumer trends while expanding into emerging domestic channels and overseas markets [4]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 自願公告 收購土地使用權 董事會欣然宣佈，於2025年9月10日，本公司透過其於中國的全資附屬公司通過公開 競 買 成 功 中 標 兩 幅 地 塊 的 土 地 使 用 權，總 代 價 為 人 民 幣30.68百 萬 元。該 等 地 塊 均 位 於 中 國 廣 東 省 珠 海 市 金 灣 區，並 由 珠 海 市 自 然 資 源 局 以 網 上 掛 牌 的 方 式 公 開 出 讓。 預期將於2025年9月23日前就地塊收購與珠海市自然資源局訂立國有建設用地使用 權出讓合同。該等地塊毗鄰珠海日清，將由本集團用作建設新生產設施。 上市規則的涵義 由於上市規則第14.07條項下有關地塊收購事項的各項適用百分比率均低於5%，故地 塊收購事項並不構成上市規則第14章項下的本公司須予公佈交 ...

Core Insights - Nissin Foods reported a revenue of HKD 2.014 billion for the mid-year 2025, representing a year-on-year increase of 10.52% [1] - The profit attributable to the company's owners was HKD 157 million, a decrease of 7.35% compared to the previous year [1] Revenue Breakdown - Revenue from mainland China amounted to HKD 1.222 billion, accounting for 60.7% of total revenue, with a year-on-year growth of 9.4% [1] - Revenue from Hong Kong and other regions reached HKD 792 million, making up 39.3% of total revenue, with a year-on-year increase of 12.2% [1] Growth Drivers - The revenue growth was primarily driven by strong performance in the instant noodle segment and contributions from acquisitions made last year, such as Australia's ABC Pastry and South Korea's Gaemi Food [1] Profitability Metrics - The profit attributable to the company's owners decreased by 7.4% due to increased income tax expenses in high-tax jurisdictions and a reduction in deferred tax items [1] - The gross profit margin fell from 35% in the same period last year to 33.6%, primarily due to rising procurement costs [1]

Core Viewpoint - Goldman Sachs reports that Master Kong Holdings (00322) has updated its full-year guidance, now expecting sales to be flat to low single-digit growth, down from low to mid-single-digit growth previously [1] Group 1: Financial Performance - The management anticipates a double-digit growth in recurring net profit, with a 12% increase in the first half of this year [1] - The latest projections for net profit in 2025 and 2026 are RMB 4.3 billion and RMB 4.6 billion, representing year-on-year growth of 15% and 9% respectively, with net profit margins improving to 5.2% and 15.8% [1] Group 2: Business Segments - The management expects the instant noodle business to return to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - For beverages, the management anticipates positive growth in carbonated drinks, while the decline in non-carbonated drinks is expected to narrow [1] Group 3: Cost and Investment Strategy - The management forecasts a low double-digit increase in palm oil prices for the year, while costs for plastic (PET), sugar, and flour are expected to decrease by mid-single digits [1] - The group will continue to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 4: Valuation and Ratings - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1] - Due to increased competition leading to a rise in sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1]

Group 1 - The core viewpoint of the article is that 康师傅控股 (00322) has updated its full-year guidance, expecting sales to be flat to low single-digit growth, down from the previous low to mid-single-digit growth forecast [1] - The management anticipates a recovery in instant noodle business in the second half of the year, aiming for positive growth for the full year [1] - The target price for 康师傅 has been lowered from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1] Group 2 - The management expects a low double-digit growth in recurring net profit, with a 12% increase in the first half of the year [1] - For the cost outlook, palm oil prices are expected to rise by a low single-digit percentage, while costs for plastic (PET), sugar, and flour are projected to decrease by a mid-single-digit percentage [1] - The company plans to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 3 - The latest projections for 康师傅's net profit in 2025 and 2026 are RMB 4.3 billion and RMB 4.6 billion, representing year-on-year growth of 15% and 9%, respectively, with net profit margins improving to 5.2% and 15.8% [1] - Due to increased competition leading to higher sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1]

Core Viewpoint - Goldman Sachs reports that Master Kong's management has updated its full-year guidance, expecting sales to remain flat to low single-digit growth, down from the previous low to mid-single-digit growth forecast [1] Group 1: Financial Performance - The management anticipates a double-digit growth in recurring net profit, with a 12% increase in the first half of this year [1] - The expected net profits for Master Kong in 2025 and 2026 are projected to be 4.3 billion and 4.6 billion respectively, representing year-on-year growth of 15% and 9% [1] - The net profit margin is expected to improve to 5.2% and 15.8% for 2025 and 2026 [1] Group 2: Business Segments - The management expects the instant noodle business to recover to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - Positive growth is anticipated for the carbonated beverage segment, while the decline in the non-carbonated beverage segment is expected to narrow [1] Group 3: Cost and Investment Strategy - Management forecasts a low single-digit increase in palm oil prices for the year, while costs for plastics (PET), sugar, and flour are expected to decrease by mid-single digits [1] - The group will continue to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 4: Adjustments and Ratings - Due to increased competition leading to a rise in sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1] - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that Master Kong Holdings (00322) experienced a 2.7% year-on-year decline in sales for the first half of the year, while adjusted earnings rose by 12%, aligning with market expectations. The firm believes that Master Kong's high dividend yield provides downside protection in the Chinese consumer market, making it more attractive amid a sluggish macroeconomic environment and consumer sentiment, thus maintaining an "Overweight" rating [1] Group 1 - Master Kong's EBIT profit margin expanded by 1.7 percentage points to 9.2% [1] - The company's instant noodle market share loss has normalized, which is expected to support positive sales growth in the second half of the year [1] - The beverage segment faces challenges due to intensified competition and slowing demand [1] Group 2 - Morgan Stanley compares Master Kong's performance with Uni-President Enterprises China (00220), which has an EBIT profit margin of 9.6% [1] - The overall macroeconomic and consumer sentiment remains subdued, impacting the industry [1]