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Investing.com - Goldman Sachs has initiated coverage on Anjoy Foods Group (2648:HK) with a Buy rating and a price target of HK$72.00, representing a potential 20% upside plus a 6% dividend yield.
The investment bank identifies Anjoy as the largest player by revenue in China’s quick-frozen food market, which is valued at Rmb221 billion (US$31.4 billion) in 2024, with the company holding a 6.6% market share.
Goldman Sachs expects Anjoy to maintain its market leadership through operational excellence, economies of scale, extensive channel coverage, and a proven track record in product development.
The firm forecasts a 9.5% compound annual growth rate (CAGR) for sales and an 11% CAGR for net profit from 2024 to 2027, driven by frozen food’s penetration potential and continued market share gains.
Goldman Sachs also anticipates a small margin recovery beginning in 2026, citing a more normalized competitive environment and a more favorable product mix trending toward higher-end consumer products.
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