Jefferies Cuts BLOKS (00325) Target Price to HK$97, Maintains "Buy" Rating

Stock News01-21

Jefferies released a research report indicating a revision of BLOKS's (00325) profit forecasts for 2025 to 2027, lowering them by 14%, 23%, and 26% respectively. Revenue projections were also cut by 14%, 18%, and 21%. The target price was reduced from HK$128 to HK$97, while the "Buy" rating was reaffirmed. The firm expressed confidence in the company's sustained improvement in sales momentum, highlighting an attractive valuation supported by a projected compound annual growth rate (CAGR) of 22% for net profit between 2022 and 2027. The report noted that BLOKS's recovery momentum in the second half of 2025 appears weaker than initially anticipated, leading to the downward revision of sales and profit forecasts due to a slower pace of product launches and an increased proportion of lower-priced items; however, volume growth is expected to remain robust. Jefferies anticipates that further development of BLOKS's vehicle toy products will drive incremental sales, with gross profit margins projected to recover in the second half of 2026. As the company adopts a more focused hiring strategy and signs new IP agreements, the selling, general, and administrative expense ratio is expected to see moderate improvement.

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