智通财经网·2026-01-14 07:14Core Viewpoint - The report from Jefferies indicates a significant downward revision of the profit forecasts for Café de Coral (00341) for the fiscal years 2026 to 2028, with net profit estimates reduced by 52%, 51%, and 44% respectively, due to lower-than-expected improvements in profit margins [1] Financial Performance - For the first half of the fiscal year ending September 2026, the company reported a net profit decline of 68% to HKD 47 million, with sales dropping by 5% to HKD 4 billion [1] - Adjusted EBITDA, excluding fair value losses and impairments from investment properties, also fell by 29% [1] Market Conditions - The weak performance is attributed to increased market competition in the Hong Kong fast-food sector and the impact of consumers traveling to mainland China and abroad [1] Dividend and Management Confidence - The company declared an interim dividend of HKD 0.1 per share, with a payout ratio of 122%, reflecting a strong cash position and management's confidence in operational improvements for the second half of the fiscal year ending March 2026 and beyond [1] Target Price Adjustment - Jefferies has lowered the target price for Café de Coral from HKD 6.81 to HKD 5.15, a decrease of 24%, while maintaining a "Hold" rating, indicating limited upside potential for the company's fast-food business transformation in Hong Kong [1]