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<Research>CLSA Chops MIXUE GROUP (02097.HK) TP to $406, Keeps Outperform Rating, Expects Store Growth to Continue
Recommend 3 Positive 3 Negative 1 |
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MIXUE GROUP (02097.HK) differentiated itself through affordable pricing, but this positioning also limited the Company's growth potential as its same-store sales growth and store expansion pace lagged behind peers, according to CLSA's research report. The broker acknowledged market concerns about same-store sales growth but expected the profitability of franchisees to improve, driven by price hikes and reduced franchise fees, supporting mid-teens store count growth. Based on lower gross margin forecasts, CLSA lowered its 2025/ 2026 net profit forecasts by 1.6%/ 1% each, partially offset by accelerated store opening. Meanwhile, the broker raised its 2027 net profit forecast by 2%, and predicted net profit margin to stabilize after 2026. Therefore, CLSA chopped its target price from $505 to $406, with rating kept at Outperform, considering the potential for store network expansion. AASTOCKS Financial News Website: www.aastocks.com |
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