[ET Net News Agency, 29 March 2021] Macquarie Research lifted its target price for
Nongfu Spring (09633) to HK$29.8 from HK$27 but downgraded its rating to "underperform"
from "outperform".
The research house said Nongfu Spring reported mixed 2020 results. While it appreciates
management's efforts to keep launching new products and solidify its leading position in
the beverage industry, the earnings outlook cannot justify the current 48x 2022 valuation,
and Macquarie expects earnings growth to peak in 1H 2021 from a low base and also see raw
material cost headwinds.
Macquarie raised its 2021/2022 earnings forecast by 14%/11% as other expenses and
one-off losses should not recur in 2021/2022. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
09633 NONGFU SPRING
Nominal 
42.700 -0.300 (-0.698%) Research Report
29/03/2021 17:41
{I-bank focus}Macquarie ups Nongfu Spring (09633) to HK$29.8
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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