Citi Raises NONGFU SPRING TP to HKD59.2, Upbeat on Tea Beverage Growth
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Citi has raised its target price for NONGFU SPRINGto HKD59.2, up from HKD58.5, maintaining a Buy rating. The bank's updated forecast predicts tea beverage sales will outperform other categories, with overall sales growth of 16% YoY. Net profit is expected to rise 13% YoY, slightly slower than revenue growth. The report reflects insights from field research conducted in 1Q26, despite potential challenges from rising PET resin costs.
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