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RTNominal unchange3.770 0.000 (0.000%)
Research Report

18/12/2019 17:05

{I-bank focus}Goldman raises Zhou Hei Ya (01458) to HK$4.4

[ET Net News Agency, 18 December 2019] Goldman Sachs raised its target price for Zhou
Hei Ya International Holdngs (01458) to HK$4.4 from HK$3.9 mainly due to a better outlook
on expansion opportunities from the franchise model in the longer term and maintained its
"neutral" rating.
The research house revised its estimates by 1-2% mainly to account for a higher sales
growth forecast from the online and franchise model in under-penetrated regions. Goldman
doesn't expect a meaningful profit turnaround in the near term given that the company will
further invest in the team and brands.
Zhou Hei Ya held a press conference in late November to announce the start of its
franchise model in Guiyang and Nanning. This strategy will focus on new markets with
limited penetration, such as Northeast, Hainan province and Yunnan province, the research
house noted. (KL)

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