[ET Net News Agency, 21 May 2021] Macquarie Research cut its target price for Yihai
International (01579) to HK$55 from HK$60 and maintained its "underperform" rating.
The research house said its industry checks pointed to a disappointing April, and the
company confirmed that 2Q third-party business would miss the 30% growth target. Net
profit growth should fall behind the top-line increase as a result of rising A&P expenses
to push for new products and brand building.
Macquarie tweaked down its FY2021/22 earnings forecasts by 8.7%/8.6% to factor in
slower-than-expected sales growth and higher A&P expenses. (KL)