Citigroup: Maintains "neutral" rating on ND PAPER (02689) and lowers target price to HKD 3.6

Citibank released a research report stating that it maintains a "neutral" rating on ND PAPER (02689) with a target price lowered from 3.7 Hong Kong dollars to 3.6 Hong Kong dollars. The bank mentioned that the performance of ND PAPER in the first half of the 2025 fiscal year (ending at the end of December 2024) was in line with the earlier profit warning announcement. Due to weaker consumption prospects in the second half of the 2025 fiscal year, the bank has lowered its profit forecast for ND PAPER's 2025 fiscal year by 27%; forecasts for the 2026 to 2027 fiscal years have been raised by 5% to 7%.