CICC: Maintains Outperform Rating on Beisen Holdings (09669), Lowers Target Price to HK$6

According to the Wisdom Finance APP, Zhongjin released a research report stating that it maintains its FY27 revenue forecast for Northsen Holdings (09669) unchanged; considering the release of operating leverage exceeding expectations, the adjusted net profit attributable to shareholders is raised by 5.8% to 113 million yuan. Introducing FY28 revenue forecast of 1.49 billion yuan, with an adjusted net profit attributable to shareholders forecast of 200 million yuan. Maintaining an outperform industry rating, considering the downward shift in industry valuation center, the target price is lowered by 48% to 6 Hong Kong dollars (based on 2.8x FY27 market-sales ratio). Currently, the company is trading at 1.7 times the FY27 market-sales ratio, corresponding to 67% upside potential.