[ET Net News Agency, 29 March 2021] CLSA cut its target price for Nongfu Spring (09633)
to HK$47 from HK$51 but upgraded its rating to "outperform" from "underperform".
The research house said Nongfu Spring's 2H 2020 results were broadly in line with CLSA's
expectations. During the analyst briefing, management showed confidence in delivering
15%-20% sales growth and a stable margin in FY2021, and mid-teen sales growth in the
mid-term.
CLSA sees a likely hot summer as a key potential catalyst for beverage consumption, and
thus its share price. Valuation wise, in the wake of its 40% correction since mid-January,
the research house believes it is now more reasonable and allows for investors to
accumulate. (KL)
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09633 NONGFU SPRING
Nominal 
42.700 -0.300 (-0.698%) Research Report
29/03/2021 17:31
{I-bank focus}CLSA cuts Nongfu Spring (09633) to HK$47
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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