Citi: Montage Technology (06809.HK) Q3 preliminary results far exceed expectations; reiterates "Buy" rating with target price of HK$425

Zhitong Finance APP has learned that Citi issued a research report stating that Montage Technology's (06809.HK) preliminary third-quarter results guidance significantly exceeded expectations. The company expects third-quarter revenue to reach RMB 2.08 billion, up 46% year-on-year and 11% quarter-on-quarter, respectively 3% and 6% above market expectations and the bank's forecast; net profit is expected to be RMB 1.2 billion to 1.3 billion, up approximately 154% to 175% year-on-year, 34% above market expectations and the bank's forecast. The bank reiterated its "Buy" rating, giving Montage Technology (688008.SH) an A-share target price of RMB 320 and an H-share target price of HKD 425.