Glonway, August 15 | According to a report published by Morgan Stanley, Yuyuan Group's net profit in the first half of the year fell 52% to 84 million US dollars, falling short of the bank's and market expectations, mainly hampered by lower profit margins. The bank lowered the Group's sales forecast to reflect first-half performance and macro-uncertainty, while net profit forecasts for 2023 to 2024 fell 15% and 13%, respectively, to US$244 million and US$271 million. DAMO's valuation of Yuyuan has been extended from the second half of this year to the first half of next year, maintaining the target price of HK$12.5. It also indicates that the group's footwear OEM orders are still uncertain, the comparison between the third quarter and last year's high base, and uncertain consumption prospects in mainland China have caused the bank to maintain the group's “in sync with the big market” rating.
大行评级 | 大摩：维持裕元集团“与大市同步”评级 目标价12.5港元
Bank Rating | DAMO: Maintaining Yuyuan Group's “In Sync with the Market” Rating Target Price of HK$12.5
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