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06862 HAIDILAO
RTNominal up17.660 +0.800 (+4.745%)
Research Report

25/03/2021 10:34

{I-bank focus}Daiwa upgrades Haidilao (06862) to HK$58.5

[ET Net News Agency, 25 March 2021] Daiwa Research lifted its target price for Haidilao
International (HDL) (06862) to HK$58.5 from HK$47 and upgraded its rating to "outperform"
from "hold" as the shares have fallen 36% from its peak in February.
HDL hosted an investor presentation on 24 March. The research house cited management
noting that its table turnover improved steadily in the first two months of 2021, despite
further COVID-19 outbreaks in January, with encouraging trends during the Lunar New Year
holiday.
While pandemic-related uncertainties remain, management is hopeful that its initiatives
with product innovation and increased promotional activities in its membership system will
help its dine-in business recover and enhance customers' dining experience.
Daiwa revised its 2021 EPS forecast by -1% and 2022 EPS estimate by +5%, after factoring
in a slower table turnover recovery in 2021 and 600 net POS additions pa over 2021-22
(from +410 and +400, respectively). (KL)

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