Glonghui November 16 | Daiwa published a report saying that although Minhua Holdings' core profit for the medium term ending September ended September rose 14% to 1,278 billion yuan, beating market expectations 15%, the sustainability of its revaluation should be limited because the company is recognized as an alternative investment in mainland real estate. The bank lowered the company's target price from HK$8.5 to HK$7.3, maintaining its “buy” rating. Daiwa expects that under the low base for the second half of fiscal year 2023, Minhua's revenue growth rate for the second half of fiscal year 2024 will accelerate to 20%, and the adjusted net interest rate will stabilize at about 14%. Currently, the core profit per share for fiscal year 2024 is expected to be 0.661 yuan, but the forecast for fiscal year 2025 was lowered by 1.9% to 0.804 yuan to reflect slower than expected domestic business growth.