CMB International: Lowered target price of Haier Smart Home (06690.HK) to HKD 28.45, maintains "buy" rating.

Zhitong Finance APP learned that CICC released a research report stating that it has lowered its target price for Haier Smart Home (06690.HK) from 36.41 Hong Kong dollars by 22% to 28.45 Hong Kong dollars, while maintaining a "buy" rating. The bank lowered its net profit forecast for the 2025/26 fiscal year by 6%, to reflect better-than-expected growth in overseas sales, as well as the impact of mergers and acquisitions and tariffs on gross profit margins. The new target price is based on a forecasted P/E ratio of 12 for the 2025 fiscal year. The current price corresponds to a P/E ratio of 10, lower than the 5-year average of 15, indicating that the valuation is still attractive. However, caution should be exercised in the short term due to the slowdown in domestic demand and profit margin pressure in the United States.