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RTNominal down36.950 -0.500 (-1.335%)

26/06/2020 15:54

{I-bank focus}Goldman cuts 2020-22 net for Haidilao (06862)

[ET Net News Agency, 26 June 2020] Goldman Sachs revised down its 2020 sales forecast
for Haidilao International Holding (06862) by 8% to factor in slower table turn recovery,
though the research house assumed a 305 net store increase.
As of end-May, Haidilao already opened >100 stores. But the table turn was only 3-3.5x
up to May (versus 4.8x in 2019) and recently stores in Beijing are seeing weaker table
turn at +2x due to increasing reported cases in the past few days.
Goldman also cut its 2021-24 sales forecast by 4% to factor in lower table turns.
Its 2020-22 net income forecasts were cut by 4-7% to reflect lower sales but some cost
initiatives. Currently, it forecast a net loss of RMB1bn in 1H due to the store closure in
February-March and slower recovery in the past few months.
It maintained its "neutral" call and an unchanged target price of HK$32 on Haidilao.

Remark: Real time quote last updated: 07/08/2020 17:58
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