FIT HON TENG Shares Surge Over 6% as Cloud Giants Boost Capex and Management Raises AI Revenue Forecast

Stock News05-04

FIT HON TENG (06088) saw its shares rise more than 6%. At the time of writing, the stock was up 5.72%, trading at HK$8.13 with a turnover of HK$121 million. The positive movement follows reports that Google, Microsoft, Amazon's AWS, and Meta have all raised their capital expenditure outlook for the 2026 fiscal year and beyond in their first-quarter 2026 financial results. Bank of America now anticipates global hyperscale cloud capital expenditure will surpass US$800 billion in 2026, a 67% year-on-year increase, and is expected to exceed US$1 trillion in 2027, growing by approximately 25% further. CMB International highlighted that FIT HON TENG's management is optimistic about AI server upgrades over the next three years. They have raised their revenue contribution forecast from cloud/data center segments for 2026-2028 from the previous low-20%/mid-20%/low-20% to low-30%. The target price is set at HK$7.42, based on a projected 2026 price-to-earnings ratio of 21 times. It is expected that as AI-related revenue contributions increase in 2026-2027, the company's valuation could undergo further re-rating.

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