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<Research>Citi Expects CHINA FEIHE (06186.HK) to Benefit from CN Birth Stimulus Policies w/ Rating Buy
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The Chinese government proposed to encourage childbirth during the Two Sessions, and local governments such as Hohhot in Inner Mongolia have implemented relevant policies, including the introduction of childcare subsidies, etc., which is considered to be a positive example for other provinces and municipalities, Citi Research issued a research report saying. It is believed that more local governments will follow, which will be favorable for the infant formula industry. The broker expected that CHINA FEIHE (06186.HK) will be fully benefited by birth stimulus policies, with rating at Buy and a target price of $6.5, which is equivalent to about 12x of the 2024 projected PE ratio. Citi Research believed that the supportive measures will help stabilize the declining trend of the dairy industry and alleviate structural issues such as lower fertility rate and pressure on women of childbearing age. AAStocks Financial News |
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