Macquarie released a research report indicating that STELLA HOLDINGS' cargo volume increased by 3% year-on-year in the fourth quarter. However, due to an unfavorable product mix and a drop in raw material prices, the average price decreased by 3.1%, leading to a 1.1% year-on-year decline in group revenue. The report mentioned that STELLA's management pointed out that due to weakened orders from luxury brands and a shift towards lower average price products, the group expects a sales growth of 5% this year, while the average price is expected to decline by 1 to 2%. The target operating profit margin is forecasted to expand year-on-year. However, Macquarie expressed reservations about this target, as new production capacity will require a ramp-up period to achieve full utilization, and management anticipates that worker wages will rise more than 5% year-on-year. The firm raised the group's net income forecasts for the 2024 to 2025 fiscal year by 4.7% and 8%, with the target price raised by 9%, from HKD 11 to HKD 12, while maintaining the 'Underperform' rating.