[ET Net News Agency, 31 August 2018] Citi Research lowered its target price for Zhou
Hei Ya International (01458) to HK$4.3 from HK$5.6, and maintained its "sell" rating.
The research house said the company will take several measures (i.e. upgrading aging
stores, improving customer experience, omni-channel data sharing) to revive store traffic,
ideally such that no further top-line decline and narrowing earnings drop in 2H.
Even if it succeeds, earnings visibility remains low with possibly 13% yoy decline in 2H
based on Citi's estimate. Execution risk is high, given intensifying competition from both
online and offline casual food plays, while investment in membership and branding
continues to weigh on margin, it added.
Citi lowered its FY2018-20 EPS forecasts by 8-9%. (KL)
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01458 ZHOU HEI YA
Nominal 
1.430 -0.040 (-2.721%) Others
31/08/2018 14:36
[I-bank focus]Citi lowers Zhou Hei Ya (01458) to HK$4.3
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