Lyon: Raised target price of REPT BATTERO (00666) to HKD19, maintaining "outperform" rating.

Lyon released a research report stating that they believe REPT BATTERO (00666) will benefit from the recovery in demand for ESS batteries. They have raised the company's net profit forecast for this year to 102 million RMB and adjusted the net profit forecast for 2026-27 to 724 million and 1.3 billion RMB. The bank maintains a "outperform" rating on REPT BATTERO and has changed the valuation basis from a discounted cash flow rate to a classified sum estimation method. The target price has been raised from 14 Hong Kong dollars to 19 Hong Kong dollars, which is equivalent to an estimated enterprise value-to-Ebitda ratio of around 12 times for 2027.