CAFE DE CORAL(341.HK)：MORE TIME IS NEEDED FOR INDUSTRY TURNAROUND
Ge Long Hui·2025-06-21 02:52
CDC's FY25 results were below our expectation, especially the dividend. Since recent figures are still under pressure (SSS still falling in Apr and May 2025), and the industry environment is not quite favourable for CDC (HK people travelling more to overseas and mainland China, rising competition from two/ three-dish rice, limited room for ASP hike etc.), plus CDC's FY26E yield is not so attractive, we downgrade the rating to HOLD. The stock is currently trading at 17x FY26E P/E and 6% FY26 yield. SSS trend ...