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<Research>CCBI Raises TP of HAIDILAO (06862.HK) to $21, Slightly Elevates 2024 Profit Forecast
Recommend 6 Positive 8 Negative 0 |
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CCBI noted in a report that demand for food and beverage during the May Day Golden Week was solid, with HAIDILAO (06862.HK) serving 7.5 million customers in the first four days of the holiday, with traffic up 15% YoY, better than the broker's expectation of low-teens growth. The broker believed that holiday spending reflected a structural change, with younger travellers spending more and placing more emphasis on cultural and savoury experiences. However, travellers are also more cautious about spending, reflecting continued pressure on per capita spending in the short term. CCBI slightly raised its profit forecast on HAIDILAO for this year by 1% to reflect higher same-store transaction volume assumptions. The broker also raised its valuation basis from 18x to 19x P/E, reflecting more resilient and visible demand for food and beverage. The company's branding, market-leading position, diversified service model and strong execution capabilities warrant a valuation premium. Summarising the above factors, CCBI raised its target price for HAIDILAO from $19.7 to $21 and maintained its Outperform rating. AAStocks Financial News |
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