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<Research>Citi Lifts YUE YUEN IND TP to $16.5, Believes 1Q24 Earnings to Beat w/ 2024 Div. Yield 9%
Recommend 5 Positive 9 Negative 4 |
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YUE YUEN IND (00551.HK) posted a positive profit alert expecting that 1Q24 net profit will surge by 95-100% YoY from a low base, after taking into account the one-off disposal gain, Citi Research issued a research report saying. Citi Research believed that this beats its expectations. Due to better-than-expected gross profit margin in the manufacturing business, Citi Research raised its FY2024 to FY2026 net profit forecasts for YUE YUEN IND by 20-22%, and increased its valuation basis, with a target PE ratio of 9x for FY2024 from the prior multiple of 8x. Citi Research correspondingly lifted its target price from $12.5 to $16.5, with rating reiterated at Buy. In addition, assuming that the dividend payout lowers to 60% in 2024, and further reduces to 56% in 2026, the dividend yield is expected to reach 9% this year on current valuation, which is very attractive backed by its 2024 to 2026 EPS CAGR of 20%. AAStocks Financial News |
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