HK Stock Market Move | Yue Yuen Industries (00551) rose nearly 4%, management once again raised full-year guidance, and post-performance received target price increases from multiple large banks.

YUE YUEN IND (00551) rose nearly 4%, as of the time of writing, it rose by 3.82%, to 16.32 Hong Kong dollars, with a turnover of 2471.52 million Hong Kong dollars. In terms of news, YUE YUEN IND recently released its performance for the nine months ending September 30, 2024. The group achieved operating income of 6.075 billion USD, an increase of 1.48% year-on-year; the net profit attributable to the owners of the company was 332 million USD, an increase of 140.9% year-on-year. The announcement stated that operating income from the footwear business (including sports/outdoor shoes, casual shoes, and sports sandals) increased by 8.2% year-on-year to 3.783 billion USD. Management once again raised its full-year shipment volume guidance to 16%. Citigroup raised its earnings forecast for the company for 2024 to 2026 by 15 to 17%, raised its target price by 16% from 17.5 Hong Kong dollars to 20.3 Hong Kong dollars, and reiterated a "buy" rating, expecting a dividend yield of around 8% this year. Goldman Sachs raised YUE YUEN IND's target price to 22.1%, from 17.2 Hong Kong dollars to 21 Hong Kong dollars. Macquarie raised its earnings forecast for YUE YUEN IND for the fiscal years 2024 and 2025 by 18% and 17% respectively, and raised its target price from 17.2 Hong Kong dollars to 20.9 Hong Kong dollars.