Core Viewpoint - UBS has raised the target price for Gu Ming (01364.HK) to HKD 31.15 while maintaining a "Buy" rating, citing strong same-store sales growth and an aggressive store opening plan as key factors for the positive outlook [1] Group 1: Company Performance - Gu Ming has achieved approximately 10% same-store sales growth this year, exceeding UBS's previous estimates [1] - The company's store opening plan is set to reach between 1,500 to 2,000 locations, which is also better than prior expectations [1] - The strong performance is attributed to product innovation and subsidies from JD.com in food delivery [1] Group 2: Valuation and Forecast - UBS has increased its earnings forecast for Gu Ming, projecting it to be 4% to 14% higher than market peers [1] - The target price adjustment from HKD 19.28 to HKD 31.15 is based on a discounted cash flow (DCF) valuation method [1] - The new target price corresponds to forecasted price-to-earnings ratios of 34 times and 27 times for 2025 and 2026, respectively, with a dynamic P/E ratio of 1.4 times for 2025, which is lower than the average P/E ratios of 43 times and 35 times for new consumption peers [1]
瑞银：升古茗目标价至31.15港元 维持“买入”评级