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<Research>G Sachs Expects CN Catering Sales Growth to Accelerate to 4.2% This Yr, Adjusts TPs for GUMING/ MIXUE GROUP/ HAIDILAO
Recommend 9 Positive 11 Negative 1 |
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Goldman Sachs anticipated that catering sales growth in Mainland China will accelerate to 4.2% YoY this year, faster than last year's 3.2%. Although overall consumption has not shown significant improvement, the broker observed that catering demand has stabilized over the past few months. Meanwhile, the industry is experiencing price hikes, which in Goldman Sachs' view are in response to higher operational and raw material costs, as well as an increase in the proportion of food delivery orders, supported by the stabilization of demand. Regarding stocks, Goldman Sachs remained optimistic about leaders in the freshly made drink segment, including GUMING (01364.HK) and MIXUE GROUP (02097.HK). The broker adjusted its target prices for GUMING/ MIXUE GROUP to $34/ $493, with ratings at Conviction List Buy/ Buy. The broker was particularly optimistic about GUMING due to its strong track record in expanding consumption scenarios and launching new products, as well as its still meaningful store expansion room. Goldman Sachs also raised its 2025-2027 core earnings estimations for GUMING by 4-6%. Goldman Sachs also adjusted its target price for HAIDILAO (06862.HK) to $14.7, and kept rating at Neutral, as building new brands takes time and its core brand is currently at a relatively mature stage. AASTOCKS Financial News Website: www.aastocks.com |
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