CICC: Raises Tuhu-W (09690.HK) target price by 5.3% to HK$15.80, maintains "Outperform" rating.

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains an "Outperform" rating on Tuhu-W (09690.HK). Considering that the acquisition boosts market confidence, it raised the target price by 5.3% to HK$15.80, corresponding to 30x/24x 2026/2027 P/E ratios, implying 37.4% upside from the current share price. Considering that the acquisition has not yet been completed, the bank temporarily maintains its 2026 and 2027 earnings forecasts basically unchanged. Recently, Tuhu announced a proposed acquisition of the entire equity of Conti Trade Australia Pty Ltd under Continental. The bank believes that this acquisition will help the company accelerate its overseas market expansion and improve overseas operating efficiency through procurement and supply chain synergies.