Citi — StarPower Semiconductor (603290): Target Price Revised to RMB90; Neutral Maintained
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Citi has revised its target price for StarPower Semiconductor (603290) to RMB90 while maintaining its Neutral rating on the shares. The note's exhibits lay out the analytical basis for the revision. Figure 1 details the changes to Citi's earnings forecasts for the company, while Figure 2 benchmarks those projections against market consensus, showing where the bank's estimates sit relative to the street's. On valuation, Figure 3 presents the range of the stock's expected price-to-earnings multiple over the coming twelve months, and Figure 4 charts the historical trajectory of that forward P/E, providing context for where the multiple has traded. Taken together, the exhibits let readers gauge the scale of the estimate adjustments, the gap between Citi and consensus expectations, and how the revised RMB90 target price aligns with the stock's prevailing and historical valuation ranges. The unchanged Neutral rating indicates that, after recalibrating earnings estimates, Citi views the shares as broadly fairly valued at the new target, with the revision reflecting updated forecasts and valuation multiples rather than a change in the bank's overall stance.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
