The Zhitong Finance App learned that Yamato released a research report stating that it reaffirmed the Shell-W (02423) “buy” rating and raised the earnings forecast per share by 3% to 4% from 2025 to 2026 to reflect lower than expected marketing expenses, and the target price was raised from HK$50 to HK$65.

According to the report, the company's non-GAAP net profit for the first quarter was 35% higher than market expectations, and the profit margin outlook for the second quarter was lower than that forecast. Yamato expects that the total transaction volume of Shell's current building has bottomed out, and the announcement of dividends and policies will be a key stock price catalyst.