UBS maintains a Neutral rating on MAO GEPING due to its strong brand equity and diversified product portfolio, which are expected to support growth in 2026. However, the target price has been lowered from HKD100.6 to HKD87.5. The company reported a 30% increase in sales and a 31% increase in adjusted net profit for 2025. Management is focused on global expansion, including establishing an overseas makeup artist training school in Hong Kong and setting up an overseas headquarters by July 2026, while pursuing a cautious multi-brand strategy.
