《大行》星展上调对康师傅今明两年盈利预测 维持「买入」评级

DBS downgraded Tingyi (00322.HK) revenue forecasts for 2025 and 2026 by 4%, but raised the gross margin forecast by more than 1 percentage point, particularly in the ready-to-drink beverage business, despite rising palm oil cost pressures in the second half of 2025.

The bank expects Tingyi to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly benefiting from cost control, and anticipates a compound annual growth rate of 10% from 2024 to 2026. The bank raised Tingyi's profit forecasts for this year and next year by 5% and 1%, reflecting an increase in other income, while maintaining its "Buy" rating, with a target price reduced from HKD 14.6 to HKD 14.1, targeting a price-to-earnings ratio of 17 times