BOCI Cuts TIGERMED TP to HKD48; Profitability Continues to Face Pressure
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BOCI has lowered its target price for TIGERMEDfrom HKD51 to HKD48, citing ongoing pressure on profitability despite a 15% YoY revenue growth to RMB1.8 billion in Q1. The broker adjusted its net profit forecasts for 2026-2028 down by 6% to 8%, while free cash flow estimates were also reduced. The report highlights that growth is driven more by project volume than pricing, leading to a decline in gross margin. Despite these challenges, BOCI maintains a Buy rating due to solid cash flow and investment income potential.
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