Core Viewpoint - Daiwa released a report stating that Gu Ming (01364) is striving to maintain stable growth after the peak of subsidies, reiterating a "Buy" rating, with the expected price-to-earnings ratio for 2025-2026 adjusted down to 25 times from 30 times, and the target price reduced from HKD 32 to HKD 27 to reflect the environment post-delivery subsidies [1] Group 1 - The report indicates increased confidence in Gu Ming's management's commitment to addressing order fluctuations caused by delivery platforms, as well as a clear roadmap to achieve 20,000 stores in the next three years [1] - Management shared that the total merchandise transaction value per store in July and August continued to grow by approximately 20% after the peak of subsidies [1] - Dine-in demand also experienced a year-on-year increase of several percentage points during the delivery competition period [1]
大和：降古茗目标价至27港元 重申“买入”评级