DBS maintained a 'Hold' rating for VITASOY INT'L due to a 4% decline in core net profit for FY2026, which aligns with expectations. Revenue from the China mainland fell 5% YoY, impacted by a decline in traditional trade channels, while Hong Kong revenue dropped 3% YoY. The broker cut its FY2027 earnings forecast by 7% and lowered the target price by 3% to HKD6.8, citing intense competition and a cautious outlook.
