Core Viewpoint - Morgan Stanley has downgraded the earnings per share (EPS) forecasts for Jiumaojiu for 2025 to 2027 by 9%, 6%, and 10% respectively, primarily reflecting weaker-than-expected demand year-to-date [1] Group 1: Earnings and Revenue Forecasts - The revenue forecasts for 2025 and 2026 have been reduced by 13% to 14%, and the forecast for 2027 has been lowered by 10% [1] - The downgrade in earnings and revenue forecasts is attributed to intensified price competition on delivery platforms, which has further pressured dine-in demand in the overall restaurant market since the second quarter of this year [1] Group 2: Cost Control Measures - In light of the challenging operating environment, the company is expected to enhance cost control measures, including closing underperforming stores and further reducing headquarters expenses [1] Group 3: Stock Price and Market Position - The target price for Jiumaojiu has been lowered from HKD 2.3 to HKD 2.1, maintaining a "reduce" rating [1] - The stock price is anticipated to decline over the next 30 days due to the announcement that Jiumaojiu will be removed from the Hang Seng Composite Index starting September 8, which means the stock will be excluded from the Hong Kong Stock Connect program [1]
大行评级｜大摩：预计九毛九股价将于未来30天内下跌 目标价降至2.1港元