Financial ProjectionsRevenue and EBITDA projections for FY24 have been revised down by 10% and 21%, respectively, suggesting more prudent financial expectations.
Market RisksKey risks include changes in government policies, weaker economic growth in China, and rising competition across the Asia Pacific Region.
Valuation ConcernsThe price target of HKD45.20 benchmarks 12x FY25 EV/EBITDA, merely for the sake of prudence amid low macro visibility.