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RTNominal down8.750 -0.200 (-2.235%)

19/10/2020 17:37

{I-bank focus}Goldman upgrades Zhou Hei Ya (01458) to HK$11

[ET Net News Agency, 19 October 2020] Goldman Sachs lifted its target price for Zhou
Hei Ya International (ZHY)(01458) to HK$11 from HK$4.4 and upgraded its rating to "buy"
from "neutral".
Despite the recent strong rally, the research house sees further upside potential for
ZHY from faster-than-expected franchise store expansion, and improving pace of recovery
and sustained high productivity in stores.
Goldman believes the company's declining store productivity and lower margin during
2017-19 reflects the broader category competition and chase for key stores' traffic from
peers. Since 2019 following the introduction of a new management team and a boardroom
reshuffle, the new CEO has taken concrete steps to restructure the business. (KL)

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