CICC maintains China Tobacco Hong Kong's outperform rating in the industry, but lowers target price to 30 Hong Kong dollars.

Zhongjin Securities released a research report stating that, based on the impact of the rhythm of tobacco leaf imports and cigarette exports, it has lowered the net profit forecast for China Tobacco Hong Kong for 2026/27 by 15%/14% to 8.9/11.5 billion Hong Kong dollars. The current stock price corresponds to a P/E ratio of 16/13 for 2026/27. The rating of outperforming the industry is maintained, considering the adjustment of profit forecasts and market risk preferences. The target price is lowered by 30% to 30 Hong Kong dollars, corresponding to a P/E ratio of 23/18 for 2026/27, with a 44% upside potential.