HK Stock Price Fluctuated | FE HORIZON (03360) falls nearly 5%, management expects net profit margin to decrease this year, JP Morgan downgrades its earnings forecast and target price.

FE HORIZON (03360) fell nearly 5%, as of press time, it was down 4.72% to HKD 6.05, with a turnover of HKD 23.4687 million. On the news front, FE HORIZON announced its 2023 performance yesterday, with revenue reaching RMB 37.96 billion, a year-on-year increase of 3.76%; net profit attributable to ordinary shareholders for the year was RMB 6.193 billion, a year-on-year increase of 1.04%; and a dividend of HKD 0.50 per share is planned. JP Morgan released a research report stating that the company's profit for the 2023 financial year was RMB 6.2 billion, a 1% increase, which is basically in line with expectations. Revenue momentum was weaker than expected but was offset by a decrease in credit costs. In addition, management expects a decrease in net profit margin in 2024. The bank maintains a "buy" rating, lowering profit forecasts for the 2024 and 2025 financial years by 3% and 11%, and reducing the target price from HKD 9.4 to HKD 8.9.