CMBI Reaffirms "Buy" on FIT HON TENG, Lifts Target Price to HK$7.42

Stock News03-17 11:58

CMBI issued a research report maintaining a "Buy" rating on FIT HON TENG (06088). The firm largely kept its profit forecasts unchanged but raised the target price from HK$7.33 to HK$7.42, based on an unchanged 21 times projected 2026 earnings. For fiscal year 2025, FIT HON TENG's revenue increased by 12% year-on-year to USD 5 billion, broadly meeting expectations. However, net profit grew by only 2% to USD 156 million, falling approximately 8% below the firm's forecast and 12% below market consensus, primarily due to a higher effective tax rate. During a post-earnings non-deal roadshow call, management reiterated a positive outlook on the momentum of its cloud and data center business. This segment is benefiting from large-scale AI server upgrades and the expected mass production of new products between 2026 and 2028. Management guided for cloud and data center revenue to increase by 70% year-on-year in 2026 and raised its guidance for the cloud revenue contribution from 2026 to 2028.

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