Dahua Jixian released a research report indicating that PLOVER BAY TECH (01523) reported a full-year 2025 net profit of $45.466 million, representing a 19.5% year-on-year increase. This figure was 4% higher than the firm's expectations, primarily driven by improved gross margins and stronger-than-anticipated operating leverage. The brokerage maintained its "Buy" rating on the stock and raised its target price from HK$7.6 to HK$9.48. The company previously announced it is exploring a spin-off and separate listing on Nasdaq for its wholly-owned subsidiary, Peplink Holdings. The report expects the company to continue focusing on product expansion in the near term while maintaining strict cost control in the medium to long term. Dahua Jixian has raised its revenue forecasts for PLOVER BAY TECH by 2% and 4% for the current and next fiscal years, respectively. Net profit forecasts were increased by 11% and 12%. The brokerage also projects that the company's revenue and net profit could reach $198 million and $73 million, respectively, by 2028.
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