Citi: NEWBORNTOWN (09911) First Three Quarters Revenue Beats Expectations; Reiterates "Buy" Rating and HK$13 Target Price

Citi issued a research report stating that NEWBORNTOWN (09911) is expected to report total revenue of US$927 million to US$948 million for the first nine months of 2026, representing year-on-year growth of 33.8% to 36.8%, which is above the bank's expectations. Amid recent sector volatility, the bank reiterates its "Buy" rating with a target price of HK$13. Based on this, Citi estimates that NEWBORNTOWN's third-quarter revenue was approximately US$320 million to US$341 million, up 28% to 36% year on year. The bank noted that, based on the existing full-year guidance and the bank's exchange rate assumptions, it estimates fourth-quarter total revenue at approximately US$323 million to US$352 million, representing year-on-year growth of 11% to 20% and quarter-on-quarter growth of 0.9% to 3%. The bank considers this forecast slightly conservative and believes revenue may have upside given higher seasonality and the strengthened geographic footprint of Sugo/TopTop.