CICC: Maintain "Outperform" rating on Fullshare Holdings (00546.HK) and raise target price to 8 Hong Kong dollars.

According to the Zhitong Finance and Economics APP, CICC released a research report stating that considering the downward trend of prices of raw materials such as corn and coal, as well as Fortescue Group (00546.HK) receiving compensation, the profit forecast for 2025/2026 has been raised by 21%/9% to 29.3/28.0 billion yuan. The current stock price corresponds to a PE ratio of 5.7/5.9x for 2025/26. Due to the upward revision of profit forecast but considering the non-sustainability of compensation, the target price has been raised by 14% to 8 HK dollars, corresponding to a PE ratio of 6.4/6.6x for 2025/26 and a 12% upside potential. The "outperform industry" rating is maintained.