CMB International Raises Target Price for NONGFU SPRING to HK$60.88, Keeps "Buy" Rating

Stock News03-27

CMB International has issued a research report indicating that NONGFU SPRING (09633) achieved a 22.5% year-on-year increase in revenue for the 2025 fiscal year, reaching RMB 52.6 billion, which exceeded market expectations by 4%. Net profit grew by 30.9% year-on-year to RMB 15.9 billion, surpassing market forecasts by 6%. The strong performance was driven by a recovery in the drinking water segment, better-than-expected results in the tea and juice businesses, and a significant reduction in selling and administrative expenses following the Olympic year. NONGFU SPRING has maintained its target of double-digit revenue growth for the 2026 fiscal year. The institution projects a compound annual growth rate of approximately 11% for both revenue and earnings from 2026 to 2028. The "Buy" rating has been retained, and the target price has been raised by 5% to HK$60.88.

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Net profit grew by 30.9% year-on-year to RMB 15.9 billion, surpassing market forecasts by 6%. The strong performance was driven by a recovery in the drinking water segment, better-than-expected results in the tea and juice businesses, and a significant reduction in selling and administrative expenses following the Olympic year. NONGFU SPRING has maintained its target of double-digit revenue growth for the 2026 fiscal year. The institution projects a compound annual growth rate of approximately 11% for both revenue and earnings from 2026 to 2028. 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