Kaisa and Pauli have published a new company report on HKFoods following the Q1 results 
HKFoods’ streak of earnings improvements continued in Q1. Operationally, the result was largely in line with our expectations, as strong momentum in retail and food service supported revenue growth, and efficiency measures compensated for increased costs. As expected, the company reiterated its guidance for the current year, and we kept our forecasts practically unchanged. Based on our forecasts assuming moderate earnings growth, the stock’s valuation (2026e: adj. EV/EBIT 9x) is neutral, and the expected return on a one-year horizon remains dull in our books. Consequently, we reiterate our reduce recommendation and target price of EUR 1.70.