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<Research>CMBI Trims CR BEVERAGE (02460.HK) TP to $12.85, Keeps Rating at Buy
Recommend 2 Positive 5 Negative 4 |
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CR BEVERAGE (02460.HK)'s 1H25 revenue/ net profit fell by 18.5%/ 29% YoY, in line with its profit warning, CMBI released a research report saying. It is expected that the annual revenue decline will narrow due to a low base in 2H24 and positive sales growth in July-August. The Company's output expansion is proceeding as planned, but the positive impact is being suppressed by sales pressure, CMBI added. With an in-depth channel reform underway, which is expected to be completed by 2026, the broker anticipated the combined benefits of both to manifest in FY2026 or beyond. Therefore, CMBI trimmed its target price by 41% from the original $18.61 to $12.85 to reflect profit pressure, with the new target price corresponding to a projected 2026 PE ratio of 18x, and rating kept at Buy. The broker also estimated the Company to benefit from output expansion and channel reform in the long term. AASTOCKS Financial News Website: www.aastocks.com |
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