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<Research>G Sachs Lowers NONGFU SPRING's TP to $36.3; 2024 Results Weak
Recommend 2 Positive 3 Negative 4 |
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According to a Goldman Sachs report, NONGFU SPRING (09633.HK)'s 2024 revenue and net profit fell short of the broker's expectations. NONGFU SPRING held a financial briefing on March 26. The group aims to achieve double-digit revenue growth. It revealed that its bottled water business is on a recovery track, with retail market share gradually picking up since June 2024, marking an improvement compared to the period in 2Q24 when consumer sentiment was volatile. NONGFU SPRING also anticipated the tea beverage category to achieve healthy double-digit growth in the long term and continue to penetrate the market, with growth in 2025 expected to normalize compared to the significant surge period of 2022-23. Goldman Sachs cut its target price for NONGFU SPRING from $38 to $36.3, with a Buy rating. AAStocks Financial News |
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