Nomura lowers Haidilao's target price to 15.1 Hong Kong dollars, net profit is below expectations but same-store sales remain stable

Golden Ten Data reported on August 29 that Nomura issued a research report pointing out that Haidilao (06862. HK) had a mixed performance in the first half of the year, with an improved dividend payout ratio. Among them, revenue increased by 14% year-on-year, which was 1% lower than market expectations, mainly due to the slower-than-expected pace of store opening. Net profit fell 10% year-on-year, 5% lower than market expectations, mainly due to the effective tax rate and the rise in non-operating expenses. The bank said that Haidilao achieved an impressive same-store sales rise in the first half of this year, up 15% year-on-year, outperforming Jiumaojiu (09922. HK), mainly due to Haidilao’s large exposure to lower-tier cities. Based on the above factors, Nomura lowered the target price of Haidilao from HK$20.2 to HK$15.1 and maintained a “buy” rating.