Group 1 - The target price for Jiumaojiu (09922) has been raised by 16.8% from HKD 2.56 to HKD 2.99, with an investment rating maintained at "Hold" [1] - Same-store sales for Jiumaojiu are expected to improve in Q2, with a significant performance rebound anticipated [1] - The Taier brand has shown a notable improvement in same-store sales from April to early June compared to Q1, with an estimated table turnover rate of approximately 3.3 times in Q2, up from 3.1 times in Q1 [1] Group 2 - The company has initiated a share buyback plan valued at RMB 200 million, which is independent of its dividend policy [2] - The buyback plan, approved on June 6, will not exceed RMB 200 million, representing about 6% of the market value at a price of HKD 2.68 [2] - The company maintains a minimum dividend payout policy of 40%, with an expected dividend rate of 50% for the fiscal year 2025, translating to a dividend yield of approximately 2% [2]
招银国际：上调九毛九目标价至2.99港元 维持“持有”评级