Looking for expansion opportunities with downside protection

M N 8 Apr 2024 CMB International Global Markets | Equity Research | Company Update Haidilao (6862 HK) Looking for expansion opportunities with downside protection We think Haidilao’s downside is protected by its dividend (5.6% FY24E yield and Target Price HK$21.52 the 90% payout ratio should sustain into the future), while the upside is highly (Previous TP HK$24.76) dependent on its speed of store expansion (which is still very slow but we tend Up/Downside 25.1% to think it will accelerate once the franchis ...