According to a report released by GLONGWY on June 28, Daiwa said that China's Wangwang (0151.HK) net profit for fiscal year 2023 was about 10% lower than the bank's and market expectations, but it is believed that sales will gradually recover amid the turnaround in the fourth quarter of FY2023 and the continued growth momentum in the first quarter of FY2024. The bank reiterated its “buy” rating for China's Wangwang, believing that due to deflation of raw materials, the visibility of a return in operating profit margins this year is relatively high. In addition, under a weak consumption environment, a dividend rate of over 6% will provide downside protection. Daiwa said it lowered Wangwang's earnings per share forecast for the 2024-2025 fiscal year by 9 to 10% to reflect the updated revenue assumption. Its target price was lowered from HK$7 to HK$6.2, and rated it as a “buy.”
大行评级 | 大和：下调旺旺目标价至6.2港元 评级“买入”
Bank Ratings | Daiwa: Lowering Wangwang's Target Price to HK$6.2 Rating “Buy”
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