Bocom International released a research report stating that it expects BUSYMING (01768) to achieve a revenue CAGR of approximately 18% and an adjusted net profit CAGR of about 23% from 2025 to 2028. The profit growth rate is forecast to outpace revenue growth, indicating the company's bulk-sales model is transitioning from a phase of scale expansion to one of profitability realization. The report projects the adjusted net profit margin will steadily increase from 4.1% in 2025 to 4.6% by 2028. Based on a 25x average P/E ratio for 2026-2027, a target price of HK$542.00 is set, corresponding to a PEG ratio of 1.1x, which is considered attractive among comparable companies. The firm initiated coverage with a "Buy" rating.
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