UBS Initiates TIANGONG INTERNATIONAL at Buy with TP HKD5.6, Expects Valuation Re-rating
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UBS has initiated coverage of TIANGONG INTERNATIONALwith a Buy rating and a target price of HKD5.6. The company is transitioning from traditional manufacturing to an advanced alloy materials platform, with significant growth expected in the titanium alloy segment. UBS forecasts a 34% CAGR in earnings from 2025 to 2028, alongside a gross margin increase from 20% to 29%. The current share price reflects P/E ratios of 15x and 11x for 2026 and 2027, respectively, indicating potential for valuation re-rating.
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