Guoco Securities International: Benefitting from reduced costs, Bin Hai Investment (02886.HK) shows significant results. High dividend yield is attractive. Rating: Buy. Target price: 1.36 Hong Kong dollars.

According to the Zhicheng Financial APP, Guozheng International released a research report stating that the company's dividend yield is attractive, giving Bin Hai Investment (02886.HK) a 2025 P/E ratio of 7.9x, corresponding to a target price of 1.36 Hong Kong dollars, and maintaining a "buy" rating. The company has continued to reduce costs and increase efficiency this year, significantly reducing financial expenses, and the gross margin has shown good recovery year-on-year. However, given that industry demand still needs improvement, the company's profit forecast has been slightly lowered. It is expected that the company's 2025E/2026E/2027E revenues will be 6.146/6.453/6.827 billion Hong Kong dollars, with year-on-year changes of 0.8%/+5.0%/+5.8%; and the net profit attributable to shareholders will be 2.32/2.37/2.42 billion Hong Kong dollars, with year-on-year changes of +16.5%/+2.1%/+1.9%.