Citi's report states that recent meetings with the management of Hang An (01044.HK) indicate that due to intense price competition, deleveraging of operations, and a decrease in government subsidies, the company's sales and profit margins in the second half of the year will be more challenging than in the first half. However, the management maintains the annual dividend at RMB 1.4 per share, implying a dividend yield of 6.9%, which is an attractive level. Citi has lowered its net profit forecast for Hang An for the years 2024 to 2026 by 15% to 17% to reflect weaker sales and profit prospects in the industry downturn and intense price competition. The target price has been lowered from HKD 25 to HKD 21.1, equivalent to a forecasted P/E ratio of 9 times next year, and the neutral rating on the stock is maintained.
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Citi lowers Hang Seng Bank's target price to 21.1 Hong Kong dollars, with difficult sales and profit prospects in the second half of the year.
Citi's report states that recent meetings with the management of Hang An (01044.HK) indicate that due to intense price competition, deleveraging of operations, and a decrease in government subsidies, the company's sales and profit margins in the second half of the year will be more challenging than in the first half. However, the management maintains the annual dividend at RMB 1.4 per share, implying a dividend yield of 6.9%, which is an attractive level. Citi has lowered its net profit forecast for Hang An for the years 2024 to 2026 by 15% to 17% to reflect weaker sales and profit prospects in the industry downturn and intense price competition. The target price has been lowered from HKD 25 to HKD 21.1, equivalent to a forecasted P/E ratio of 9 times next year, and the neutral rating on the stock is maintained.