CLSA Reiterates "High Conviction Outperform" on NONGFU SPRING, Raises Target Price to HK$59.6

Stock News03-26

CLSA has released a research report indicating an upgrade to its net profit forecasts for NONGFU SPRING (09633) for the current and next fiscal years by approximately 1% each. This adjustment reflects the company's strong sales growth and margin expansion. The target price-to-earnings ratio remains unchanged at 30 times. Consequently, the target price has been increased from HK$57.6 to HK$59.6, with a reiterated "High Conviction Outperform" rating. The 2025 performance demonstrates the company's capability to achieve robust growth and margin expansion, primarily driven by excellent product development, execution, and efficiency improvements. Management has indicated that year-to-date performance aligns with the target for double-digit revenue growth in 2026. CLSA projects that NONGFU SPRING's revenue and profit will each grow by 14% year-on-year in 2026, with gains in operational efficiency expected to partially offset the impact of rising PET prices.

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