Core Viewpoint - UBS maintains a target price of HKD 2.15 and a "Buy" rating for Gao Xin Retail (06808), indicating confidence in sustainable dividend distribution despite short-term profitability pressures [1] Group 1: Financial Performance and Projections - Management expects to distribute a total dividend of RMB 1.5 billion for the fiscal year 2027, maintaining a dividend yield of 10% compared to the adjusted level for fiscal year 2026 [1] - The average selling price (ASP) has decreased, leading to a significant decline in customer spending per transaction, with a drop of double digits [1] Group 2: Operational Insights - Overall foot traffic in November remained flat compared to the same period last year, with a 2%-3% decline in store channels and a 3%-5% increase in online channels, partially offsetting the decline [1] - Following the appointment of Li Weiping as Executive Director and CEO on December 1, 2025, the management has postponed the national store renovation plan and is reassessing the product supply chain [1] Group 3: Cost Management and Future Plans - The company anticipates achieving annual cost savings of RMB 300 million through various measures by fiscal year 2027 [1] - More details regarding the new CEO's business restructuring initiatives are expected to be announced around May [1]
瑞银：维持高鑫零售目标价2.15港元及“买入”评级 股息承诺强劲