Core Viewpoint - UBS reports that Gao Xin Retail (06808) experienced a 12% year-on-year decline in revenue for the first half of the 2026 fiscal year, totaling 30.5 billion RMB, and recorded a net loss of 123 million RMB compared to a net profit of 206 million RMB in the same period last year [1] Financial Performance - The company faced one-time drag factors in the first half of the fiscal year, including an 84 million RMB decrease in interest income, costs related to business optimization in the Central China region, and reduced rental income during store renovations [1] - Gao Xin Retail declared an interim dividend of 0.085 HKD per share, with a total payout of 735 million HKD, 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 impacts, and negative tax effects, UBS has lowered its earnings per share forecast for Gao Xin Retail for the fiscal years 2026 to 2028 by 14% to 0.79 HKD [1] - The target price has been reduced from 2.7 HKD to 2.4 HKD, while maintaining a "Buy" rating [1]
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