Nongfu Spring's Tea Business Set to Drive Revenue -- Market Talk

Dow Jones03-29

0811 GMT - Nongfu Spring's sales of tea beverages will likely be the key revenue driver this year, thanks to consumers' growing health awareness and effective marketing, CCB International analysts Anita Du and Anita Chu say in a research note. They expect the segment to generate annual sales growth of about 35%, while sales of packaged water are likely to rise 10% this year on growing outdoor-travel demand. The strength in those businesses could spur a 17% increase in Nongfu Spring's revenue to CNY50.03 billion in 2024, they say. The company will likely increase brand-building investment, which could shrink its operating profit margin by 1.4 percentage points to 33.3%, they add. CCB maintains an outperform rating on Nongfu Spring but raises the target to HK$55.30 from HK$51.90. Shares last closed at HK$42.25. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 29, 2024 04:11 ET (08:11 GMT)

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The strength in those businesses could spur a 17% increase in Nongfu Spring's revenue to CNY50.03 billion in 2024, they say. The company will likely increase brand-building investment, which could shrink its operating profit margin by 1.4 percentage points to 33.3%, they add. CCB maintains an outperform rating on Nongfu Spring but raises the target to HK$55.30 from HK$51.90. Shares last closed at HK$42.25. 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