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<Research>Citi Rates JOHNSON ELEC H as Neutral Due to Overvaluation; TP at HKD33
Recommend 3 Positive 5 Negative 13 |
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JOHNSON ELEC H (00179.HK) held an investor conference after announcing its results for 1HFY26 ending September, according to a report from Citi. Given JOHNSON ELEC H's worse-than-expected results, Citi cut its FY26-28 earnings forecast for JOHNSON ELEC H by 6% and its target price from HKD45 to HKD33. JOHNSON ELEC H's management expects revenue to grow moderately in 2HFY26 ending March 2026, with both the automotive products group (APG) and industrial products group (IPG) likely to see growth. In Citi's estimate, however, the growth momentum may not be visible until FY27, and the two new businesses (AI liquid cooling pumps and humanoid robot joints) will account for only 3% of total sales in FY27, insufficient to support this year's major revaluation. Accordingly, the broker kept a Neutral rating on JOHNSON ELEC H. AAStocks Financial News |
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