Huatai Securities Raises MCC TP to HKD1.92 as Net Profit Reverses Downtrend
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Huatai Securities has raised the target price for MCCto HKD1.92, maintaining an Overweight rating on A-shares and a Buy rating on H-shares. MCC reported a 1Q revenue of RMB92.204 billion, down 24.59% YoY, but net profit increased to RMB1.633 billion, up 1.59% YoY. The company is expected to operate with a lighter asset base following the divestment of non-core assets, with net profit forecasts for 2026-2028 maintained at RMB5.9 billion and RMB6.3 billion. Valuation set at 12x 2026 PE for A-shares and 6x for H-shares.
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