CMBC International: Raise target price of Ascendent Tiger-W (09690.HK) to 23 Hong Kong dollars, maintains "buy" rating.

Wisdom Financial APP learned that, according to a research report released by CMB International, TuHu-W (09690.HK) maintained a steady profit in the first half of the year. During the period, the number of group stores increased by 14% year-on-year, revenue rose by 11%, in line with expectations; gross profit margin was 25.2%, net profit increased by 8% to 307 million RMB, adjusted net profit increased by 15%, higher than the bank's forecast of 11%. The bank maintained a "buy" rating and extended the valuation basis to 2026, using a forecasted adjusted P/E ratio of 20 times next year, with the target price raised from the original 21.5 Hong Kong dollars to 23 Hong Kong dollars.