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<Research>CMBI Elevates CHINAHONGQIAO (01378.HK) TP to $39, Anticipates Further Re-rating
Recommend 15 Positive 23 Negative 16 |
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CHINAHONGQIAO (01378.HK) nearly reached maximum aluminum production capacity in China, with slow overseas output ramp-up, CMBI published a research report saying. On the contrary, demand for EVs, energy, electronics and other products was strong, while raw material costs were relatively stable. The broker believed that CHINAHONGQIAO is in a favorable position and will drive further re-rating. CMBI elevated its target price for CHINAHONGQIAO from $27 to $39, with rating kept at Buy. The broker expected the Company to generate strong free cash flow to support its 60% dividend payout ratio. Although the Company's share price ascended recently, the current price remained attractive, with a dividend yield of approx. 6%. AASTOCKS Financial News Website: www.aastocks.com |
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