Core Viewpoint - Macquarie has published a report predicting that Gao Xin Retail's same-store sales will decline in the high single digits year-on-year for the fiscal year 2026, reflecting the impact of substantial delivery subsidies in real-time retail [1] Financial Performance - Gross margin is under pressure from discounting, although private label brands provide some assistance, their contribution is not significant [1] - Macquarie has reduced its earnings per share forecasts for Gao Xin Retail for the fiscal years 2026 and 2027 by 69% and 39% respectively, reflecting a substantial downward adjustment in the same-store sales forecast for fiscal year 2026 and the impact of operating leverage [1] Rating and Target Price - The rating for Gao Xin Retail has been downgraded to "Neutral," with the target price reduced from HKD 2.9 to HKD 1.7 [1]
大行评级丨麦格理：下调高鑫零售目标价至1.7港元 评级降至“中性”