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<Research> Jefferies Slightly Raises TP of HAIDILAO (06862.HK) to HKD15.5, Expects Multi-brand Expansion and Takeaway Business to Drive Growth
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Jefferies published a research report indicating that HAIDILAO (06862.HK) showed a 6% YoY increase in sales to RMB22.5 billion in the second half of the fiscal year 2025, while net profit fell 14% YoY to RMB2.28 billion. The management plans to focus on improving the operations of the main brand through differentiated theme stores and product innovation in 2026. Meanwhile, strong growth in multi-brand expansion and the takeaway business will continue to drive the group's development. The firm noted that under HAIDILAO's 'Pomegranate Plan', the seafood hotpot aims to expand to 500 stores within three years, and the sushi brand targets 100 stores within two years. It is expected that capital expenditure will increase in 2026, which is also the reason for the lower dividend payout ratio in the second half of 2025. Management believes this move will aid the group's long-term growth and will continue to focus on shareholder returns after comprehensive operational analysis. Jefferies slightly adjusted HAIDILAO's earnings forecasts for this year and next, down by 1% and up by 1%, respectively, to reflect the income boost from strong growth in multi-brand expansion and the takeaway business. The target price is slightly raised from HKD15.4 to HKD15.5, maintaining a 'Hold' rating, which corresponds to a forecast P/E ratio of about 18x for 2026 and 16x for 2027, with a dividend yield of approximately 5%. (hc/u) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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