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<Research Report>BofAS Lifts HAIDILAO (06862.HK) TP to $18; 90% Div. Payout Is Major Surprise
Recommend 4 Positive 6 Negative 7 |
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HAIDILAO (06862.HK)'s 2023 results were in line with the earnings pre-announcement, BofA Securities said. Dividend payout increased by 50 ppts YoY to 90%, which is a major surprise. BofA Securities expected limited room for margin expansion as the operating margin is restored to the 2018-2019 pre-covid-19 level. BofA Securities raised its 2024/ 2025 earnings forecasts for the Company by 3-7%, and lifted its target price from $16 to $18, with the PE ratio forecast rising from 14x to 15x, reflecting the potential upside from the franchising business in the medium term. BofA Securities kept rating on HAIDILAO at Neutral, due to its reasonable valuation. While the franchising business offers potential upside, it is too early to predict meaningful contribution as it is in the early stage of development. AAStocks Financial News |
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