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Investing.com - HSBC downgraded Haitian International (HK:1882) from Buy to Hold with a price target of HK$22.00 on Thursday.
The downgrade follows a 13% rally in Haitian’s stock price since July, which has pushed its valuation to 9.6x forward PE, approximately one standard deviation above its three-year average, according to HSBC.
HSBC cited slowing orders from overseas markets in July and August as a key factor in its decision, along with expectations that Chinese demand is unlikely to show significant recovery in the second half of the year due to persistent tariff uncertainties.
Haitian International has maintained its 2025 revenue guidance of 10% year-over-year growth, which implies second-half 2025 growth of 8% year-over-year, slightly below HSBC’s estimate of 9.5%.
The research firm also noted it does not expect an increase in dividend payout ratio given Haitian’s capital expenditure plans for overseas capacity construction in 2025 and 2026.
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