Core Viewpoint - UBS research report indicates that Gao Xin Retail (6808.HK) experienced a 12% year-on-year decline in revenue for the first half of the 2026 fiscal year, totaling 30.5 billion yuan, resulting in a net loss of 123 million yuan compared to a net profit of 206 million yuan in the same period last year [1] Financial Performance - The report highlights that the decline in revenue was influenced by several one-time factors, including an 84 million yuan decrease in interest income year-on-year, costs related to business optimization in the Central China region, and reduced rental income during store renovations [1] - The company declared an interim dividend of 0.085 HKD per share, with a total payout of 735 million yuan, resulting in a dividend yield of 4.5%, which aligns with market expectations and management guidance [1] Earnings Forecast and Target Price - Due to competitive pressures, one-time cost burdens, and negative tax impacts, UBS has revised its earnings per share forecast for Gao Xin Retail for the fiscal years 2026 to 2028 down by 14% to 0.79 HKD [1] - The target price has been adjusted from 2.7 HKD to 2.4 HKD, while maintaining a "Buy" rating [1]
大行评级丨瑞银：降高鑫零售目标价至2.4港元 上半财年业绩及派息符预期