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Citi Slightly Lowers HAIDILAO (06862.HK) TP to HKD19.3, Rating Buy
2026-04-13 15:47:49
Citi issued a research report updating its forecast model for HAIDILAO (06862.HK) and introducing projections for 2028. In light of faster-than-expected delivery sales in 2025, paired with anticipated net store additions and accelerated expansion of new businesses, the broker raised its sales forecasts for 2026 and 2027 by 3% and 8%, respectively.

However, as new businesses require relatively high upfront investment, the margin was projected to come under slight pressure in 2026, before resuming expansion in 2027 and 2028.

The broker trimmed its core net profit forecasts for 2026 and 2027 by 3%. With 12x target 2026E EV/adjusted EBITDA, the TP was slightly reduced from HKD19.7 to HKD19.3, with a Buy rating.
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