[ET Net News Agency, 3 November 2023] UBS lowered its price target for Jiumaojiu
(09922) to HKD15.8 from HKD17.5 and maintained its "buy" rating.
The research house said it cuts 2023-25E EPS by 3-6% on weaker-than-expected SSSG
recovery trend since September and national holiday (75% and 82% of 2019 level) and the
current promotional environment evidenced by the company's Douyin livestreaming with
coupons.
It expects the company's plan on share buybacks to support the near-term stock price.
(RC)