CICC initiates coverage on SINOFERT H-shares with Outperform rating and HK$1.6 target price

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CICC has released a research report initiating coverage on SINOFERT (00297), assigning an Outperform rating with a target price of HK$1.6.

SINOFERT is a leading domestic distributor and service provider of agricultural input products in China and one of the primary channels for potash imports. The company is advancing its bio+ strategic transformation, continuing to expand phosphate rock production capacity, and placing emphasis on dividend payouts to enhance shareholder returns.

The brokerage projects earnings per share of RMB 0.18 and RMB 0.19 for 2026 and 2027, respectively, representing a compound annual growth rate of 2.7% from 2025 to 2027. At the current share price, the company trades at 5.9 times and 5.4 times price-to-earnings ratios for 2026 and 2027. Comparable A-share companies have an average P/E ratio of 11.3 times for 2026. Taking into account the Hong Kong market liquidity discount, CICC assigns a 2026 P/E ratio of 7.7 times, implying 30.6% upside potential from the target price.

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The company is advancing its bio+ strategic transformation, continuing to expand phosphate rock production capacity, and placing emphasis on dividend payouts to enhance shareholder returns.<br><br>The brokerage projects earnings per share of RMB 0.18 and RMB 0.19 for 2026 and 2027, respectively, representing a compound annual growth rate of 2.7% from 2025 to 2027. At the current share price, the company trades at 5.9 times and 5.4 times price-to-earnings ratios for 2026 and 2027. Comparable A-share companies have an average P/E ratio of 11.3 times for 2026. 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