Citi raises HAIDILAO's target price to 19.7 yuan with a "Buy" rating

AASTOCKS
2026.01.12 02:58

Citi's research report indicates that it has raised the sales forecast for HAIDILAO (06862.HK) in 2025 by 2% to reflect the growth of its delivery business and the higher-than-expected contribution from new businesses in the second half of 2025. Due to the slightly lower gross margin of the delivery business compared to dine-in services, Citi has moderately lowered its estimated net profit margin assumptions for the group from 2025 to 2027.

Citi predicts that HAIDILAO will maintain a payout ratio of over 90% from 2025 to 2027 and has raised its payout ratio forecasts for 2025 to 2027 to 90% (previously 30%). Due to a decline in interest income, it has lowered its net profit forecast by about 4%; it expects HAIDILAO's dividend yield to rise to 6% to 7% in 2026 to 2027. The bank has raised HAIDILAO's target price from HKD 18.5 to HKD 19.7 and maintains a "Buy" rating

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