Goldman Sachs: Lowers A-LIVING (03319) target price to 2.45 Hong Kong dollars, rating "sell"

Goldman Sachs released a research report, stating that A-LIVING (03319) posted a net loss of approximately 3.3 billion RMB last year, in line with the earlier profit warning. Core profits decreased by 29% year-on-year to 900 million RMB, as expected. The bank indicated that the management expects core profits to reach a bottom this year, with limited further loss reductions. The bank reduced its average core profit forecast for the group from fiscal year 2025 to fiscal year 2027 by 8%, lowering its target price from 2.7 Hong Kong dollars to 2.45 Hong Kong dollars, and maintaining its rating as "Sell".