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RTNominal down8.750 -0.200 (-2.235%)
Research Report

13/10/2020 11:41

{I-bank focus}Zhou Hei Ya's franchisee stores to top target

[ET Net News Agency, 13 October 2020] Daiwa Research hosted a conference call with
investors and Zhou Hei Ya International's (ZHY)(01458) management yesterday.
The research house cited management saying that (1) the number of franchisee stores was
400 in September, almost near its target for 2020 and implying 150 store additions in
August-September, and (2) comparable-store sales reached 70% of pre-lockdown levels in
September versus 50% in 2Q although traffic-hub store sales were still weaker than other
That said, management has a conservative tone for the sales trend for the remainder of
the year due to the possibility of another COVID-19 outbreak during winter. ZHY targets
20% growth through the e-commerce channel for 2H. It has now covered 2,000 third-party POS
(supermarket chains and convenience stores, etc.), with an operating margin higher than
that of e-commerce (20-30% at present, versus 10-15% for e-commerce).
Daiwa reaffirmed its "buy" rating and a target price of HK$10. (KL)

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