[ET Net News Agency, 25 July 2019] Goldman Sachs lowered its target price for
Xiabuxiabu Catering Management (00520) to HK$13.6 from HK$16.5 and maintained its "buy"
rating.
The research house expects Xiabuxiabu to record a 1% same-store sales decline in 1H with
a positive 1Q net out by the 2Q downturn amid weak macro and a high base. Full-year SSSG
is guided at low single-digit implying a pickup in 2H given an easier base and a possible
macro recovery supported by government policy.
Nevertheless, management has maintained the expansion speed of 150 new stores this year
and the target to achieve 1000 stores by 2020, leading to Goldman's forecast of 21% sales
growth for both 1H and full year.
Goldman revise down its 2019-21 earnings estimates by 7-10% to factor in the pressure
from the latest meat price inflation and higher labor costs. (KL)
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00520 XIABUXIABU
Nominal 
1.610 +0.020 (+1.258%) Research Report
25/07/2019 16:36
[I-bank focus]Goldman lowers Xiabuxiabu (00520) to HK$13.6
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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